Wednesday, October 24, 2012
While it is often difficult for some to think about and prepare for their own death, estate planning can give a person a sense of comfort and peace. According to the Spectrum, "[e]state planning is the process of organizing your affairs in the event of your death to give what you have to whom you want, when you want, in the way you want, at the lowest possible cost to you and those you love." Based upon this view of estate planning, it is not surprising that the completion of a person's estate plan would bring peace to that person. In addition, there can be comfort in knowing that a person's loved ones are taken care of after that person's death.
While this may be the case, many people choose to procrastinate on making even the basic estate planning documents. It is easy to procrastinate, but a person might not want to do this because of the potential effects of not having a will. If a person dies without a will, they are said to die intestate. When a person dies intestate, his or her property is divided based upon their state's instestacy. While many people might not care who the property goes to based upon the intestacy statute, it might be quite different than what an individual person wants. Thus, it is important to get one's affairs in order.
See Scott Halvorsen, Estate Planning Brings Peace of Mind, The Spectrum, Oct. 22, 2012.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.