One of the most frustrating things about estate planning, is that people assume that there is always time to do it later. That leads to putting off important estate planning, until it is too late.
Most people do not think something bad is going to happen to them any time in the near future.
Healthy people have this belief that they will be able to continue with their lives without any problems.
They do not think they will have an accident. They do not think they will get seriously ill. They know these things could happen, but believing that they are imminent is paranoia.
The problem with this thinking is that it leads people to put off estate planning. People put off their initial estate planning, but they also put off making necessary changes to the estate plans they already have.
The latter can be as big of a problem, as the former the Sunshine Daily Coast reports in “Fix your will before it’s too late.”
What is the problem with putting off making necessary changes to an estate plan? Once you have a plan that is the one a court will follow, until you change it.
If you have stated in your will that someone should inherit your property and you change your mind for whatever reason, the change has no legal effect until you actually create a new will.
If something happens to you before you create that new will, then the person you do not want to inherit the property actually will.
It is never a good idea to procrastinate in any area of estate planning.
Instead of putting things off, see an estate planning attorney as soon as the needs arises.
Reference: Sunshine Coast Daily (Oct. 2, 2017) “Fix your will before it’s too late.”