A very significant percentage of Americans are going through life without having executed any estate planning documents at all and this is something that needs to change. While younger people are less likely to have an estate plan than their older counterparts, many older individuals have made no preparations for the future either. This is a source of concern throughout the estate planning community, a tragedy for many families.
One of the reasons people tend to procrastinate is from of a sense of uncertainty, maybe even confusion, about all the conflicting information about estate planning. They feel as though a lot of things are in flux and they do not want to take action until everything becomes clear. This is understandable because things do happen in your life, and throughout society as a whole, that would logically impact the manner in which you plan your estate. But, guess what? Things never become that clear. Delay and you’re playing Russian roulette with your assets and your family.
To protect yourself and your family we have to get past the confusion. It cannot be the reason for inaction. Oklahoma City estate planning lawyers always emphasize the fact that estate planning is an ongoing process and should be viewed as such. When you go into the office to devise an initial estate plan, you should not assume that the matter is closed. I recommend people focus on making the best decisions you can make based on how you feel today. With a great plan in place you’ll lift a huge burden from your mind. As things change in your life, we will deal with those as they occur.
Adjustments may well be necessary along the way for reasons such as a change in marital status, an improved financial situation, or an alteration to the existing tax code.
When you develop a good working relationship with your attorney, he or she will gain an understanding of your situation and make the appropriate recommendations as the inevitable twists and turns of life present themselves. If you are ready to create such a relationship, take action right now to arrange for a consultation with a licensed, experienced Oklahoma City estate planning attorney.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
- Will My Family Pay Inheritance Taxes? - May 24, 2022
- Special Needs Planning: Life Enhancements With No Loss of Benefits - May 19, 2022
- Five Ways a Trust Can Be Better Than a Will - May 17, 2022
