In this Elder Law Minute, Paige Fox explains estate planning as essential “insurance” everyone will use, ensuring wishes are honored after death.
Video Transcript:
Hi, my name is Paige Fox. I’m a Senior Associate Attorney here at Dent Coulson Elder Law, and I understand these topics are very complex. So, I’m hoping these Elder Law Minutes can bring some insight and some more understanding to both potential clients and current clients. Thank you.
Estate planning is something that a lot of families and individuals tend to avoid thinking about, oftentimes because it relates to death and topics that people don’t necessarily like to think about. But at the same time, I also have a fair number of people who have said that they just don’t feel the need to have an estate plan because they don’t have enough assets.
But I’m here to tell you that I think of estate planning and estate plans as a type of insurance. If it’s not even required by law to have, most people do have some type of insurance—definitely health insurance, car insurance, homeowners insurance, etc. But if you think of something like fire insurance, you know, despite how many people have this type of insurance, there’s only 1 in 350 people who ever use that insurance. Same idea with car insurance.
But when you think of an estate plan, you think of an estate plan as an insurance for you after you die. And unfortunately, it’s the reality that everybody dies, and therefore everybody will use this insurance. And so, if you can take the time to write down your wishes—to make sure you know that you have your intent in writing, clear—so that if and when it ever comes to the issue of incapacity, those desires are in writing and somebody can follow them.
But even more so, after you pass away, you’re guaranteed to use that type of insurance. And so, to make sure that you have an estate plan that not only follows your wishes but that is up to date and accurate with current laws is always extremely important.
So, if there’s anyone out there who is needing an estate plan or is considering what type of estate plan to get, I recommend reaching out to Dent Coulson Elder Law, and we are happy to assist.
Dent Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older.
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“Your Trusted Advisor on the Elder Care Journey”
Dent-Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Dent-Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.
