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Some things just have to be completed before you need them. It’s too late to get homeowners’ insurance when your house is on fire, it’s far too late to remember to pull the parking brake when your car is rolling away from you down the hill, and it is much, much too late to renew your expired passport right before you need to get on an international flight.
Estate planning is the same way. If you don’t get your planning done before it is too late you won’t be able to do it at all.
When is “too late”? Well, obviously you cannot sign a will after you are dead. But you not only have to be alive, but also be mentally competent. We all know people whose capacity is questionable. Those who voted for the “other” political party, for instance. My point is that you never know when something may happen and you lose your capacity to make your own decisions. You may be young, you may be healthy, but as I am fond of saying: “If you drive, you could run over by a truck at any time.”
The estate planning process is not as bad as most people think. It can usually be accomplished in two meetings. Also, flat fees and free initial appointments are becoming more common for estate planning and that allows you know the complete cost before you decide to proceed.
Planning now can also save your loved one’s time, money and effort. Signing a simple beneficiary deed could prevent your home from going through probate which takes months and can cost thousands of dollars. The beneficiary deed only costs a few hundred and is simple to execute.
If the last couple years has taught us anything, it should be that we don’t know what the future holds and a little planning goes a long way. Leave a plan, not a mess.
Editor’s Note: This article was submitted by Ryan N. Morey, Esq. Ryan is the owner Morey Law, P.C. and may be reached at 719-465-4324 or by email at email@example.com
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