Written by The Law Firm of Christopher W. Dumm
It is hard to believe that summer is already drawing to a close and harder yet to acknowledge that 2021 is more than half over. The past year and eight months have at once flown by and moved at a lurching pace. The pandemic has disrupted not only our daily lives but our very sense of time. Wasn’t it only yesterday that we gathered carelessly with friends over dinner? Or was that a lifetime ago?
With our rhythms so off-kilter, it can be easy to procrastinate on important life projects and yet where estate planning is concerned, doing so can bring tragic consequences.
Estate Planning Is Not Just for Your Golden Years
People commonly believe that an estate plan is something you build in your post-retirement years to prepare for your eventual passing. While organizing how your assets will be distributed to loved ones is an essential part of the task, it is far from the complete picture.
Estate planning also involves planning for a sudden illness that might require you to take a leave of absence from work. It involves figuring out what will happen should you suffer a tragic accident and become incapacitated. A robust plan works out how your loved ones will remain protected and cared for, who will make medical and financial decisions on your behalf, and should the unthinkable happen, who will care for dependents in your absence. Lastly, an estate plan involves taking steps well ahead of time to ensure you will be able to afford long-term care should you ever need it.
Read the full article here to learn how making these critical decisions now can save your loved ones from heartache later on.