Hidden Dangers of Estate Planning Procrastination

By Neel Shah, Trusts|Estates|Law posted 06-18-2015 09:41


Many people enjoy focusing on the accumulation of wealth throughout their life. While there’s nothing wrong with this, it’s equally as important as planning out your estate and taking steps to protect your assets. Planning for the accurate distribution of assets requires timely effort and focus, and it’s not a step that should be ignored. 

Don’t make the assumption that putting together a will is all you’ll need for your estate planning. This triggers action on death, but not necessarily on disability. A will is great for addressing simple distribution needs and allowing for court supervision in the event that something is contested, but you may need more complex assistance. You also strongly want to consider what documents are in place to aid in the event of disability.

You might consider putting assets into a trust to avoid probate, maintain privacy, and establish a plan for disability. It’s imperative that you also keep trusts and wills current with accurate beneficiary designations and asset registrations, too.