In this Elder Law Minute, Paige Fox explains how an estate plan serves as an important “insurance policy” that we know for certain we will utilize someday.
Video Transcription:
Hi, my name is Paige Fox. I’m a Senior Associate Attorney here at Dent Coulson Elder Law. I understand these topics can be very complex, so I hope these Elder Law Minutes bring some insight and better understanding to both potential and current clients. Thank you.
So—why is it important to get an estate plan or to invest in one?
There are a few reasons I consider estate planning important. One is exactly that: it’s an investment. But another helpful way to think about it is as an insurance policy.
For example, anyone who drives has car insurance. But the odds of getting into a fatal car accident are something like 1 in 107. Still, we pay that premium—not because it’s guaranteed we’ll need it, but because we want to be protected if something happens.
The same goes for health insurance. You may not visit the doctor or emergency room often, but you still pay monthly for the security of knowing you’re covered if the need arises.
And of course, most of us have fire insurance for our homes—not because we expect a fire, but because we want to be prepared just in case.
That’s how I view estate planning: as a type of insurance policy for something we know will happen. Unlike a car accident or medical emergency, we can be 100% certain that every one of us will pass away at some point. So the question becomes: will your loved ones be protected when that day comes?
Having an estate plan in place helps protect your family from the stress and cost of probate, minimizes confusion and conflict, and makes sure your wishes are followed. It can also reduce expenses and legal complications after your death.
An estate plan doesn’t just help after death, either—it protects you during your lifetime. If you become incapacitated and can’t make decisions for yourself, powers of attorney for health care and property allow someone you trust to step in.
So whether it’s a living trust, a will, or powers of attorney, I highly recommend estate planning for anyone over the age of 18. Think of it as an investment in peace of mind and protection—for both you and your loved ones.
If you’re interested in getting started, feel free to contact us here at Dent Coulson Elder Law. We’re happy to help.
Contact Us for Assistance
Thank you for watching our Elder Law Minute. If you need help with powers of attorney or any other estate planning needs, please call Dent Coulson Elder Law.
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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.
