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Home >> Estate Planning Articles >> How Likely Is That To Happen?

How Likely Is That To Happen?

March 13, 2016 by Robert Kulas.

How Likely Is That To Happen?

 Compliments of Our Law Firm,

Written By: The American Academy of Estate Planning Attorneys

“How likely is that to happen?” You have undoubtedly heard these words spoken many times. You have possibly said them yourself when a well-meaning friend or family member tries to warn you about a risk that you perceive as unworthy of consideration. You may have even used this same logic to explain why you have yet to create a comprehensive estate plan. After all, what are the odds you will die or become incapacitated anytime soon? However, there is an important flaw in that train of thought. The odds of incapacity or death are likely higher than you realize. Even favorable odds do not guarantee that you will beat the odds.

Did you know that even if you were in your 20s right now, you stand a one in four chance of becoming disabled before you retire? Moreover, if you do become disabled you stand about a 38 percent chance of that disability lasting more than five years. Currently, about half of the nation’s 37 million disabled adults are in their working years (18-64).

If you suddenly were to become disabled, would you be prepared? Would your wishes be honored?  What about death? If you died tomorrow, would your affairs be in order or would you leave behind a disorganized, confusing mess for your loved ones to straighten out? If you have yet to take the time to create your estate plan — a plan that should include an incapacity planning component — the answers to most of these questions is a resounding “no.” If you have put off creating an estate plan because you believe the odds of something happening to you are slim, you should reconsider.

While there is no way to know when or how you will meet your end, you may be surprised at the odds of some causes of death:

 

Cause of Death Lifetime Odds
Heart Disease 1-in-5
Cancer 1-in-7
Stroke 1-in-23
Accidental Injury 1-in-36
Motor Vehicle Accident 1-in-100
Intentional Self-harm (Suicide) 1-in-121
Falling Down 1-in-246
Assault by Firearm 1-in-325
Fire or Smoke 1-in-1,116
Natural Forces (combined) 1-in-3,357
Electrocution 1-in-5,000

 

Regardless of whether you ultimately succumb to something as common as heart disease or as rare as an asteroid impact, the end result is the same. The question you must ask yourself is: “What happens after that?” Without an estate plan in place, your state’s intestate succession laws will control the fate of your estate assets. Only a spouse and/or close blood relatives are likely to inherit under those laws. Promises you made to other friends, family members, and loved ones will not be honored. Speaking of loved ones, an estate plan allows you to name a guardian for your minor children.  Without a Last Will and Testament, a court may be forced to appoint a guardian without any guidance from you.

What happens if you become incapacitated? You might associate the concept of incapacity with old age dementia illnesses such as Alzheimer’s disease. While Alzheimer’s certainly leads to incapacitation, it is hardly the only cause. A severe illness, tragic motor vehicle accident, or catastrophic workplace injury could cause you to become incapacitated at any time in your life. Who would control your assets and pay your bills for you during a period of incapacity? Who would make personal and healthcare decisions for you? Without an incapacity plan in your overall estate plan, a court likely would decide who would control your assets and who would make decisions on your behalf. Furthermore, your loved ones might become embroiled in a divisive court battle that could be financially and emotionally draining for everyone involved.

Do you want the state to decide what happens to your estate assets? Can you trust a judge to appoint the right guardian for your child without guidance from you? Additionally, do you want your loved ones fighting over the right to make decisions for you if you cannot make them for yourself? If the answer to these questions is “no,” “no,” and “no,” you need a comprehensive estate plan in place to ensure that your wishes will be honored in the event of your death or incapacity. Take the time now to consult with an experienced estate planning attorney. Creating your comprehensive estate plan is the best gift you can give to yourself and your loved ones.

Kulas & Crawford

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I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

~Joan C
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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

~Mildred W
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I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

~Leo C
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August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

~Krissy L
Client Review
August 25, 2020
    

Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

~Janice M
Client Review
August 25, 2020
    

"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

L.G.K.
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