Forty eight hours before leaving for Italy, I had what seemed like a million things to do:
- Finishing up projects at the office
- Packing for our two week trip
- Converting money into Euros
- Typing up instructions for our house and pet sitters
- Cleaning out the refrigerator and litter box
I could go on because, at the time, the list seemed endless.
But I had a deadline (leaving for the airport) so I knew everything would be done by the time we locked the front door.
Have you heard of Parkinson’s Law? The time we take to complete a project expands or contracts to the time you are given to complete it.
Got 2 days to pack? It will take you 2 days.
Got 2 hours to pack? It will take you 2 hours.
Got 20 minutes to pack? It will take you 20 minutes. Your suitcase might not look pretty and you might have forgotten your underwear, but by golly, you’ll be on the plane!
Unlike packing for a trip where we have a deadline, most of us don’t have a deadline for our estate planning. In fact, statistically, over half of you reading this don’t have any written estate plan in place at all or, if you do, your plan hasn’t been reviewed and updated in over five years.
Since it is human nature to procrastinate, many families are left unprepared when tragedy strikes and we lose a loved one.
Lack of preparation with your estate plan often creates unnecessary legal fees, government interference, time delays accessing bank accounts and property, unwanted inheritance outcomes, hard feelings, and even family fights.
Although Family Succession Planning (i.e. Estate planning) is not nearly as much fun as preparing to leave for vacation, in the long run it is much more important. Your preparations will have a lasting and profound impact on your family regardless of your net worth or the size of your bank account.
Remember, your loved ones will have to live with the planning to choose to do, or not do, for their benefit after you’re gone.
Check out our Women Empowered Minute videos at MyPinkLawyer.com/video. They are fast, fun, educational videos answering all of your burning questions about probate, estate planning, living trusts, and more!
