Many people put off creating an estate plan because they worry about what will happen if they change their mind later. “Will it be expensive to rewrite everything? Isn’t it better to wait until I’m sure?” While this is a valid concern, it shouldn’t deter you from taking this crucial step.
Tomorrow Isn’t Guaranteed
Life is unpredictable. Having an estate plan in place is crucial. It ensures that your assets are distributed according to your desires and your loved ones are taken care of, should something unexpected happen.
Amendments: The Key to Keeping Your Plan Up-to-Date
The great thing about estate plans is they aren’t set in stone. As your life changes (e.g. marriages happen, children are born, assets grow) your plan can evolve too. Amending an existing plan is significantly easier and more cost-effective than starting from scratch. In fact, most people will update their plans throughout their lifetime as their circumstances and the laws around estate planning change.
Your Estate Plan is a Reflection of Your Life
The key is having a plan that reflects your current situation as it looks today. Beyond asset distribution, your estate plan should appoint individuals you trust to carry out essential roles should you become incapacitated or pass away:
- Executor/Trustee: Choose an executor or trustee who understands your wishes and is capable of managing your estate after your death.
- Healthcare Agent: Appoint someone who will advocate for your medical care if you are unable to make decisions yourself.
- Power of Attorney: Select a trusted person to handle your financial affairs should you become unable to do so.
These are incredibly important decisions. We can help you select the right people for these roles, ensuring your plan truly reflects your goals and values.
Getting Help
While it’s natural to have some anxiety about creating your estate plan, starting the process will provide you with control and peace of mind. If you’d like to get started, we invite you to contact our Torrance will lawyers to discuss your estate planning options today. Let’s work together to build a plan that you can feel good about today and as your needs change in the future.