The Importance of Planning Early
“Planning is bringing the future into the present so that you can do something about it now.” -Alan Lakein
As we step into the month of March, amidst the blossoming of spring, many of us are mapping out our aspirations for the year ahead. We’re sketching our dreams, charting our courses, and setting sail towards our ideal futures. Yet, amidst this flurry of plans and projections, there’s one crucial aspect that often gets overlooked: estate planning.
At Three Oaks Law, we understand that contemplating the unforeseen and preparing for the inevitable isn’t always a pleasant task. But just as we meticulously schedule our workouts and vacations, it’s essential to consider how our estates and loved ones will be safeguarded in times of adversity. Because when it comes to estate planning, procrastination can lead to profound consequences.
Consider these scenarios:
The Facts
Meet Bill, 64, and Diane, 59. Retired and relishing in their travels and time with grandchildren. During a family visit, their youngest child broached the topic of contingency plans in the face of sudden illness or demise. Bill and Diane, both in good health, hadn’t dwelled much on this matter.
They own a primary residence valued at $525,000, a charming vacation home in Vero Beach, and three bank accounts totaling $800,000.
Scenario #1
Bill and Diane consulted with our estate planning attorney. With expert guidance, they established a revocable living trust, placing their properties and accounts within it. Naming themselves as trustees and beneficiaries ensured seamless asset management and transition for successors.
Eight years later, tragedy struck, and Bill passed away. Thanks to their foresight, probate was bypassed, sparing Diane unnecessary hassle, perplexity, and expenses. Their children effortlessly aided their mother in navigating the trust and assets, making the legal process a smooth sail for everyone involved.
Scenario #2
Now, imagine Bill and Diane neglected to plan. When Bill succumbed to a stroke at 72, Diane found herself grappling with probate proceedings. With their Vero Beach home and a checking account solely in Bill’s name, accessing those assets required opening a probate. With a total estate value of $500,000, statutory attorney’s fees amounted to 3%. Diane disbursed $15,000 in legal fees and endured years of waiting for the assets’ distribution.
This arduous journey left Diane weary and drained. While our attorneys provided guidance and support, she couldn’t dictate the pace of court proceedings or the probate’s trajectory.
Conclusion
These scenarios underscore the imperative for seniors and their families to plan ahead. Beyond the financial advantages, early planning offers peace of mind, diminishes stress, and preserves family matters from public scrutiny within the court system.
At Three Oaks Law, we specialize in assisting individuals and families with their estate planning needs. Whether it’s years in advance or amid a health crisis, we’re here to guide you through every step of the process, ensuring your peace of mind and your loved ones’ security.