As you go through life and the years pass, you may start to think about your legacy. This is a start, but at some point, you have to actually act on the matter. Of course, it will seem like you have time to put a plan in place later on, but when will that time come?
Unexpected sudden deaths occur each and every day, and they impact people of all ages. Aside from this possibility, there are other reasons why you may never get around to it, and we will look at the subject here.
Changing Circumstances
You may tell yourself that you really cannot establish an estate plan because circumstances are subject to change. Your financial position can go in one direction or the other, and this is certainly going to be a major consideration.
There are also those that have concerns about potential changes in marital status. These are legitimate thought processes, because the nuts and bolts of your estate plan will reflect your life situation as it stands on the day the plan is created.
Cognitive Impairment
The Alzheimer’s Association does amazing work on a number of different levels, and education is one of them. Their website is a treasure trove of important research, and it is eye-opening to say the least.
At the present time, 6.5 million Americans have contracted Alzheimer’s disease. This number is expected to swell to 13 million by 2015. One in three seniors die with some form of dementia, and over 30 percent of people aged 85 and up contracted this disease.
Though it is more prevalent among those that reach an advanced age, 11.3 percent of people that are 65 years of age and older have Alzheimer’s. There is a Catch-22 element at play when it comes to the onset of Alzheimer’s at a relatively young age.
If you have it, you may not realize it because of the debilitating effect of the disease. An estate plan is not valid if the person that is creating it is not cognitively sound. Those that procrastinate could lose the ability to create a valid estate plan, even though they are still alive.
Estate Plan Revisions
People that do not act because they think there’s a good chance that circumstances will change as time goes on have a blind spot. Estate planning is not a “one and done” activity if it is done right. This is an ongoing process that will be in progress throughout your adult life.
When you work with an attorney from our firm to establish a plan, we will become familiar with your situation. If some relevant event happens in your life that triggers the need for an estate plan update, we will be perfectly positioned to make the appropriate adjustments.
This relationship can provide a turnkey solution. After your passing, we will have a thorough understanding of your plan. Your family and/or your estate administrator can contact us to help guide them through the estate administration process.
Attend a Complimentary Seminar!
We know that a lot of people are looking for information about estate planning, and the Internet is not always the best place to find it. When you get your info from a licensed estate planning attorney, you can be sure that it is totally accurate.
With this in mind, we conduct seminars on a consistent basis to provide educational opportunities to members of the communities that we represent. There are a number of dates on the schedule right now, and you will learn a lot if you sit in on one of the sessions.
These events are offered on a complimentary basis, so there is no monetary commitment. To see the dates and obtain more information, visit our seminar schedule page. If you decide to join us, follow the simple instructions to register so we can reserve your spot.
Ready to Act?
If you are ready to put the procrastination behind you, our doors are open. You can call us at 860-548-1000 to schedule an appointment at our estate planning offices in Glastonbury or Westport, CT. And if you would rather reach out electronically, fill out our contact form and we will get back in touch with you ASAP.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.