Make Sure to Anticipate ‘What Ifs’ in Your Estate Planning

One of the most common reasons that people skip estate planning or ignore their initial plans years after creation is because it’s uncomfortable to think about prospects like potential disability or suddenly passing away. However, in these situations family members will already have enough to cope with, and planning just in case for the “what ifs” can make their experience somewhat easier.

Not contemplating all of the potential ‘what ifs’ that could happen down the road could end up costing you significantly as it relates to your estate planning. For individuals under age 50, they far too often skip the process of estate planning because they believe that it does not apply to them.

Approximately 80% of married couples who fall into this demographic have no will at all. This same percentage of individuals have insufficient life insurance to cover all of their debts and needs. Very few of these couples have ever gone through the process of discussing what might happen in the event that either one of them were to become disabled or to pass away.

When times are good and money is flowing in and there are minimal debts to worry about, it is easy to think about handling the management of a business or management of the family while the primary breadwinner is still alive. However, contemplating these what if scenarios, even if you certainly hope that they never come to fruition can be extremely valuable for putting some plan in place that gives peace of mind to everyone.

A meeting with a Virginia Beach estate planning attorney can help you get on the right path with your needs.