NerdWallet recently answered that age-old question — “Do I need a will?” — with a pithy but resounding, “Yes.”
Of course, one-word answers haven’t convinced most Americans. Despite experts’ impassioned pleas, some 55% of adults in this country still don’t have so much as a will, let alone a trust or any of the other building blocks in an estate plan.
We have some convincing to do, then. In their latest article, NerdWallet did a pretty good job of making the “common sense” case. We’d like to further distill their argument into something that’s even easier to remember — the letter C.
These four, simple C’s do a nice job of briefly illustrating just how much an estate plan has to offer for you and your family:
Control — For most people, a proper estate plan will include both a will and a trust. Together, those instruments can protect your estate from probate after you pass away. That’s a big deal because probate is time-consuming, expensive, and often even embarrassing. With a strategically drafted trust, you can generally bypass probate and exercise a great deal of control over what happens with your assets.
Care — While most estate planning conversations focus on inheritance and asset planning, it’s important to remember that health care plays an important part too. Your estate plan should include advance health care directives that dictate whether you’ll receive life support and other emergency life-saving care (among other things). It’s something nobody should be without.
Clarity — Sloppy drafting has probably caused more confusion — and cost more money — than any other estate planning faux pas. Often, self-made wills or long-outdated documents are to blame. With an up-to-date estate plan, created under the care and guidance of an experienced professional, you can spare your loved ones the strife that has saddled so many grieving families.
Capacity — None of us can predict the future. A car crash, workplace injury, or unexpected illness could leave us suddenly or even permanently incapacitated. When that happens, someone else will have to make our important decisions for us. Wouldn’t you like a say in who picks up the pen on your behalf? With a power of attorney and other estate planning provisions, you can provide for your own incapacity.
Of course, in the whole pantheon of compelling reasons for estate planning, these are only four — but they’re four good ones. And as it happens, this time of year is the best for creating a new estate plan (or dusting off the one you already made).
So let’s add one more C to this article — contact. Get in touch with our office today to find out how we can help.
