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Tuesday, January 14, 2014

It's Not Too Late

It’s January already, and Pam and Tom are surprised to realize that they still do not have an estate plan. Like many parents, they wanted to see an attorney about doing a Will before the baby was born. 

All that pregnancy excitement and then baby milestones somehow flew by, and now their first baby is eleven and has two younger siblings.  So they are feeling a bit chagrined, but they decide to finally get this off their minds. 

When they mention their delay to the attorney, she explains the obvious – it is better to do it late than never.  In fact, most estate plans are done much later than originally intended.  A survey of attorneys revealed that the average “age” of an estate plan that clients bring in to review is 30 years, older than all of Pam and Tom’s kids combined. 

Fortunately, neither are dead nor disabled, so it is clearly not too late.  On the other hand, the 30-year average age of an estate means that their attorney should ask some questions about farther out in the future than Pam or Tom have probably considered.  After all, she can’t realistically assume that they’ll revisit their plan in less than 30 years.

Estate planning is future planning for our families and should be thought about regularly.  We suggest that each person review their estate plan with an attorney at least 10 times more often than average.  In plain English, that would be at least every three years.  To review yours, call our office at (815) 436-1996 for an appointment.  ©2014 Gruber Law Office, Ltd.


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