For many Americans, the task of putting together an estate plan is one of those “to-do’s” that never gets done.
It’s hardly surprising. Estate plans are easy to ignore until it’s too late. They can be cumbersome to implement — generally, you’ll want to have a legal professional draw up the documents. And the process entails thinking about events most of us like to pretend won’t ever happen — death and debilitating accidents.
But avoiding these important personal-finance tasks leads to a much worse scenario: Your family is rocked not only by the inevitable tragic event — but their pain is compounded by the complete upheaval of their financial life.
“Estate planning is an act of love,” wrote John Ventura, in the Kiplinger book “Estate Planning: The Complete Guide to Wills, Trusts and Maximizing your Legacy.”
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