My son is an avid wildlife photographer. We have a picture of a deer, swimming—yes, swimming away from a coyote. Observing this was a first for our entire family. A deer swimming—in a local salt-water pond? Once in a lifetime. But Sam says, “This is the rule of 10. You can guarantee that where we see 1 animal, there are at least 10 more watching us.” Well, in the elder law/and estate planning fields, there is also the rule of 10. Here are 10 reasons why you shouldn’t put off your estate planning!
- Loss of Capacity: If you lose capacity, you lose the chance to dictate how you want your estate managed either while you are living, or after you have passed.
- Minor Children: Who raises your children and manages their money if you die? Without a plan a court will make these choices.
- Dying without a Will: Who inherits your assets? If you don’t say who gets your estate, the court will.
- Blended families: If your family is the result of multiple marriages? Without a plan children from different marriages may not be treated as you wish.
- Children with Special Needs: This should go at the top of the list. Without a plan your special needs child could be disqualified from receipt of Medicaid (MassHealth) and SSI benefits and be forced to pay for care whatever he/she receives as a result of your death .
- Keeping assets in your own family. Beware creditors, predators (the Coyotes?) and angry spouses. Without a plan, they win!
- Financial Security: Without a plan your family may be unable to maintain their current living standard if you die.
- Retirement account: Without a plan, your designated beneficiary may not reflect your current wishes. At Lannik Law we insist you check who your beneficiaries are even if you think you know who they are.
- Business Ownership: Without a plan, you don’t name a successor, risking your family could lose control of the business.
- Avoiding Probate: With a plan you can structure things to avoid probate entirely.