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Home >> Understanding Estate Planning: Estate Planning is Important Because it Addresses “Whens” and “Ifs”

Understanding Estate Planning: Estate Planning is Important Because it Addresses “Whens” and “Ifs”

November 15, 2015 by Robert Kulas. Leave a Comment

Understanding Estate Planning: Estate Planning is Important Because it Addresses "Whens" and "Ifs"It can be hard for people to understand exactly why having an estate plan is important regardless of your age, financial circumstances, or personal desires. After all, if you are young, do not have a lot of money, do not have children, and do not have anything to worry about, is an estate plan absolutely necessary? What is so important about estate planning that you need to do it right away?

To help explain why having an estate plan is important, today we’re going to take a look at the primary questions your plan answers. We can lump these questions into two groups: the “whens,” and the “ifs.”

The “Whens” of Why Estate Planning is Important

Everyone will die. While this is an uncomfortable statement to make, think about, and talk about, it is a fact of life. Your existence will one day come to an end, and when that happens, certain events will take place. Your family will mourn your loss, your property will pass to new owners, and everything you left behind will have to be properly taken care of.

The estate planning process allows you to address these “when” questions. What happens, for example, to your property when you die without leaving behind a last will and testament? What happens to your children when you die and you have not named a replacement guardian? Who will manage your affairs when you die and make sure that your wishes are respected?

A properly drafted estate plan will allow you to address each of these vital questions, and more.

The “Ifs” of Why Estate Planning is Important

Estate planning is not only about looking ahead towards the inevitable, it is also about making preparations for the contingencies that might affect you and your family. These “ifs” can have serious ramifications on you and your loved ones if you are not properly prepared.

For example, what happens to you should you become involved in a car wreck, or suffer serious injuries as a result of an accident or unexpected illness? Who will look after your property if this happens? Who will take care of your children? Who will ensure that your doctors and health care providers provide you only with the kind of care and treatment you desire?

Each of these types of situations is a possibility, and ach might be more or less likely to happen to you depending on your particular circumstances. Knowing what your options are in planning ahead for these possibilities, and taking the time to answer the important questions about what you want to happen should they occur, is a very big part of what goes on when creating an estate plan.

Filed Under: Estate Planning

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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.

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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.

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"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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