Estate Planning in Uncertain Times: Why Now Matters More Than Ever
When Survival Mode Takes Over
The government is shut down. Many families are not currently receiving paychecks. When we are in survival mode and the future is uncertain, we often focus on the bare minimum to survive and put on blinders to anything that feels extraneous to that task. This makes sense. It’s necessary to get through and provide for ourselves and the ones we love.
Why Estate Planning Still Matters
During uncertain times, it might seem like working on an estate plan isn’t a priority. However, the benefit of investing time and resources into estate planning becomes even more significant during uncertain periods.
Every Asset Counts
When finances are tight, every asset matters. Planning to protect your home, accounts, and other assets from probate, taxes, or getting caught up in the court system due to a lack of a proper estate plan will actually cost your family more in the long run. If you’re worried about preserving funds, that concern is not served by waiting to plan (or failing to plan altogether).
Creating Stability for Your Family
In uncertain times, we all seek stability. Protecting your family, with its unique make-up, goals, and needs, can provide that stability. Nominating guardians for minor children, naming an agent to handle medical decisions, and to transact on your behalf if you are unable are all ways to provide stability for yourself and your family.
This can be done through a properly drafted:
Will
Durable Power of Attorney
Advance Medical Directive
You can also spare your family the time-consuming and costly process of probate through a trust.
Reducing Conflict and Stress
Finally, taking the time to engage in planning now will greatly reduce the likelihood of conflict and stress for your family.
How Maguire Law Can Help
At Maguire Law, we are sensitive to the fact that we are living in uncertain times. We aspire to work with our clients to protect them and their loved ones efficiently and cost-effectively, easing stress in uncertain times.
Contact Maguire Law to get started.
*This blog is for educational purposes and does not constitute legal advice.
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