Estate Planning Failure
I had an estate plan signed today by a client, in a hospital. The client was referred to me two months ago by her banker to do an estate plan because the client had stage 4 cancer.
The client took 5 weeks from the time of our meeting to actually engage me to do the estate plan. Unfortunately, it might have been too late. There might not be enough time to have the accounts changed with the trust as the beneficiary. If the accounts are not changed, then the purpose of the estate plan, which was to avoid probate, then the family will have to go through probate.
The take away is that doing an estate plan is necessary. As an estate planning attorney, we perform a service for our clients, providing them a peace of mind. Don't wait until you are on your death bed to do the estate plan. Do it early when you have the time and presence of mind to make sure that it accurately reflects your desires.