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Estate Planning – It’s a Marathon, Not a Sprint

Posted on : March 28, 2018, By:  George Dillon

Strength and power of a sprinter vs. the endurance and stamina of a marathon runner. We can compare sprinters and marathoners all day long. But what does a physical activity like running have to do with a more cerebral one like estate planning? Your estate plan needs to be strong, yes, but it also needs to endure. Power is okay, but the plans for your future need to have the stamina to go the distance. Think of your estate plan as a marathon, not a sprint.

Endurance.

Can your estate plan, if you have one, sustain you and your family? Probably not. Life changes. Your estate plans need to adapt to those changes. Estate plans are not a short-time thing – they’re a plan for the future that lies ahead. They need to address you’re here-and-now and your what-will-be.

Estate plans address difficult situations like incapacity and death. Your Will gives your family a guide and tells them how to handle your property. Other estate planning documents plan for incapacity. Would your family be set up to deal with a situation where you suddenly lose the ability communicate due to illness or injury? A durable power of attorney and health care power of attorney give them the strength to endure. Some of you need a trust to share the wealth to future generations or make handing off your assets a little easier for your family.

Meeting the needs of the future requires endurance.

Stamina

When people think of estate planning, they think of death. Estate plans have a lot to do with life, though. And your plans need the stamina to sustain you and your family throughout your lifetime.

Even though your Will needs to adapt as life events happen, it still has sustaining power. Without a Will to guide them, your family will have to expend energy and time to settle your estate. You can make a difficult situation easier by leaving clear instructions.

Your durable power of attorney is just that – durable. Its effectiveness doesn’t end with your incapacity. This legal document can sustain your family and make sure your wishes don’t fall by the wayside. A healthcare power of attorney gives your wishes staying power. Even if you are not able to speak, you can communicate your desires to your medical providers.

Are You Running a Sprint or a Marathon?

Pause. Take a deep breath and think. Will your estate plan get you to the finish line?

Our attorneys have the skills and experience to help you develop an estate planning that meets your needs. Please call us at 757-962-4796 to set up an appointment or contact us online by using our convenient Contact Form. We assist clients in Virginia Beach, Newport News, and surrounding communities.

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