Many of us have heard of “estate planning.” Most people have a general idea that an estate plan allows them to distribute their money and property according to their wishes when they die. If we don’t create an estate plan, then the distribution of our property can be in limbo for months and even years while the process of probate winds its way through the courts. A well-thought-out estate plan reduces worry and confusion at a difficult and painful time – coping with the death of a parent, spouse or close relative.
But most people are surprised to learn that estate planning also protects them. An estate plan doesn’t just create a safety net for a person’s family when they die – it also creates a safety net for themselves, not only because we are living longer but also because any of us can experience a sudden illness, accident or other tragedy that robs us of our decision-making ability. And if that were to happen when we have young children – who protects them? An estate plan not only ensures that we continue to live our lives with independence but also that our children are safe if we cannot take care of them. In fact, any life event – adulthood, marriage, parenthood, divorce, job change, disease – is a signal to get one’s affairs in order.
Read on for a short and clear explanation of the need for estate planning by Robert H. Sitkoff, the John L. Gray professor of law at Harvard Law School and renowned estate planning expert, in a Q&A session with goop.com. Then contact Boodell & Domanskis for experienced legal advice on how to begin the process of creating an estate plan that is right for you and the most important people in your life. At Boodell & Domanskis, we carefully consider your individual needs and prepare an estate plan that addresses your specific financial position and unique requirements.