Wills and Estate Planning: Devine Millimet

— Richard J. Schoepke
Devine Millimet – Of Counsel

Q. When do I need an estate plan and what should I consider when making one?

A. The first part is simple; you need an estate plan now. Many people put off doing estate planning because they are young, busy with kids, busy with work, etc. Unfortunately, no matter how young, involved with kids or hardworking you may be, you do not know when you will be caught in an emergency (i.e., car accident, emergency surgery, etc.) or pass away. Because you cannot know those things, doing your estate planning now, when there is no emergency and you can think clearly about potential problems, is the best time. An ounce of prevention is worth a pound of cure.

Estate planning does not have to be complicated either. Consider and decide who will take care of your children (if they are minors or have special needs), who will take care of you (if you are incapacitated), and who will make sure your assets get to your loved ones after you are gone.  Your answers to those questions become documents that help ensure your wishes are honored and your loved ones provided for. Preventative estate planning now helps avoid catastrophes later on.