What does estate planning look like for you?

Less than half of Americans have prepared for their death or the possibility of becoming incapacitated. This includes many people here in Delaware who have yet to engage in any estate planning. Many may be under the impression that it only helps older or richer people, but that is not the case. Every adult could benefit from having an estate plan.

Even for Delaware residents who do not have an issue with contemplating incapacitation or death, the number of decisions to be made and tasks to be completed can make some of them put off estate planning. The reason that there is so much to do is because this area of law provides numerous options depending on the circumstances. It is customizable depending on a person’s wishes and goals.

A person cannot be expected to understand all of the choices he or she has when it comes to estate planning. Making the right choices can seem intimidating because many people believe that once they make those decisions, they are stuck with them. Fortunately, that is not the case. Estate plans can be changed or modified as long while the estate holder is competent and alive.

Estate planning does not have to be a confusing and complex experience. An individual can take his or her wishes and desires to an attorney, who can then make recommendations regarding what documentation will best suit the purposes of the client. The lawyer can also help make the individual choices that will make up the estate plan. Finally, the documents need to be executed in accordance with Delaware law in order to remain valid when they are needed.

Source: news.morningstar.com, “An Estate Planning Checklist,” Christine Benz, July 27, 2017



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