Procrastination & Estate Planning

     Why do people procrastinate, especially when it comes to something as fundamental as their Life & Estate Planning? Because it is human nature to avoid unpleasant experiences and people. Period.
     For example, when it comes to experiences, disability and death are certainly not at the top of anyone’s must do list. Even though American life expectancies are increasing with each new medical miracle, every man, woman and child alive today will eventually experience death (according to the actuarial tables of every life insurance company and a long history of anecdotal evidence in support).
     Additionally, longer life expectancy is a double-edged sword: the longer you live, the greater your chances of wearing out physically and mentally before you pass on. Just visit any local nursing home or hospital for proof.
     When it comes to avoiding unpleasant people, most need not wander too far from their own family tree. And, while many Americans live in a world of almost unlimited choices, few are able to pick their own parents or the spouses of their own children. In a sense, every extended family is a unique, dynamic ensemble of individual personalities and values. Just like a musical ensemble, family relationships can produce beautiful music or horrific noise, and oftentimes they produce a little of both.

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Finding Fiduciaries

     Few Life & Estate Planning decisions are more important than the selection of your financial fiduciaries. After all, they will be responsible for taking care of your assets when you are incapacitated and upon your death. If you find this a difficult decision, then you may tend to procrastinate and eventually become disabled or die without a proper Life & Estate Plan. In this article, we will share some thoughts to help you select appropriate financial fiduciaries and hopefully avoid the procrastination trap.

Risky Business: Managing Assets

     Your fiduciaries will be responsible for all of the financial matters for which you are now responsible. For example, they must safeguard, manage and distribute all of your assets after they satisfy your legitimate creditors and ensure compliance with all tax laws. Fiduciaries are held to the highest legal standards of conduct. This fiduciary duty even extends to the rights of third parties. Teaching point: Along with the honor of being named as the financial fiduciary, comes great personal exposure to civil and even criminal liability.

Learn more about Life and Estate Planning and how you can select the appropriate financial fiduciary...