Written by: Michael A. DuBey, Esq.

The Estate Planning practice area is unique in that it is all encompassing – that is to say, everyone could benefit from engaging in it, and no one is shielded from the ultimate consequence of failing to do so. Planning and securing your future is vital and ensures that your wishes are followed in the event that you become incapacitated or deceased. Without proper planning in place, the state will step in and ultimately make decisions regarding your estate on your behalf.

Perhaps you have considered estate planning but have decided to put it off for one reason or another.  Or maybe, you established an estate plan many years ago and fail to see the need to re-engage in the process. At King Hall, we find that there are three common misconceptions that come in to play when it comes to putting off estate planning:

1. I am too young to have an estate plan

A significant misnomer about Estate Planning is that it is only for older adults. This could not be more wrong. In fact, the earlier you engage in estate planning the easier it will be down the road when it comes time to revise/update your documents – something I will touch on a bit later. As King Hall’s youngest member, I can tell you that there is simply no reason to put off establishing an estate plan. This is especially true during the COVID-19 era as all segments of society gain exposure to the harsher elements of our reality. Do not be turned off to the prospect of planning for the future just because you believe that future to be far away. Recent college graduates entering the work force, parents of young children, new homeowners, and those working on the “front lines” should all consider establishing an estate plan to protect themselves, their families and their assets.

2. Estate planning is a chore

Another common misconception I want to highlight, and dispel, is the notion that estate planning must be arduous. In fact, with the explosion of digital platforms, it has never been easier to engage in estate planning. Companies and individuals across the world have embraced technology as a means to combat the restrictions imposed by COVID-19, and King Hall LLC is no different! You can now participate in virtual consultations, virtual subsequent estate planning meetings, and daily customer service. We are readily accessible via Zoom, Uber Conference, FaceTime or any other platform – we are here for you, on your time. No need to drive into an office to meet with your lawyer, and consequently no need to worry about COVID-19 exposure. You can engage in Estate Planning from the comfort of your own home, on your own time.

3. I don’t need to update my estate plan

As mentioned earlier, creating a basic estate plan early in your younger years is highly recommended and can be a solid foundation to build upon during the course of your life. Hopefully throughout your lifetime, your economic situation gels and diversifies, perhaps you have children, and grandchildren, maybe even started your own business. Perhaps you have gotten divorced, purchased a vacation home (or two), maybe an heir has passed away, or your values or religious beliefs have changed…the variables are endless.

It is likely that the estate plan you established in your 20’s, 30’s or even 40’s is outdated or no longer reflects your current wishes. Perhaps you have a Will, and are looking to create a more comprehensive estate plan inclusive of a power of attorney and advanced medical directive.  Periodically reviewing your estate planning documents will allow you to identify areas of your estate plan that need to be updated, added or removed from your plan.

Regardless of where you are in life, and your estate planning journey, you can rest assured that King Hall LLC is equipped to handle your Estate Plan the way you would like, because when it comes down to it, it is and should be, all about you.