Why You Shouldn’t Delay Estate Planning
Having a valid estate plan—especially a will—is far better than leaving things to chance. A will allows you to direct your assets according to your wishes, rather than letting state laws dictate how your estate is distributed. As highlighted in a recent article titled “Elder Law: Will you plan now or pay later?”, proactive planning can spare your loved ones stress, uncertainty, and unnecessary costs.
Why a Will Isn’t Enough—And What Else You May Need
A comprehensive estate plan goes beyond just having a will. For example, naming an independent executor helps ensure your estate is managed efficiently. Creating specialized trusts—for disabled family members, minors, or even adult children—can provide critical protections and support tailored to their needs.
It’s also important to periodically review your estate plan, especially in light of changes in tax laws. Years ago, the estate tax exemption was significantly lower. In 1987, for instance, individuals could only leave $600,000 tax-free. To maximize this exemption, married couples often created by-pass trusts. Today, however, the exemption amount is over $11 million (as of 2020), and “portability” laws now allow spouses to transfer unused exemptions. While there may still be strategic reasons to maintain a by-pass trust, for many, it could be time to revise or eliminate it.
Planning for Life’s Unpredictability
Sudden illnesses or accidents—such as heart attacks or strokes—can leave you incapacitated with no warning. That’s why it’s essential to prepare for the possibility of disability, not just death. Important documents to have in place include:
- Financial Power of Attorney
- Health Care Power of Attorney
- Living Will
- HIPAA Authorization (Medical Privacy Release)
Without these, you risk a court-supervised guardianship proceeding—which is public, often costly, and easily avoidable with proper planning.
Don’t Wait Until It’s Too Late
Procrastinating your estate planning is risky. If you pass away without a valid will, your family may face a lengthy, expensive probate process. The small investment of time and effort now can save your loved ones considerable stress and expense later.
These legal topics are provided to you by the President of QMC, Mark Easley. While QMC does not engage in the practice of law, Mr. Easley has practiced estate planning and elder law for over 30 years and is currently the principal at the Elder and Estate Planning Law Firm of St. Louis.