The old adage of the cobbler’s children not having any shoes rings true for many attorneys when it comes to their own estate planning. According to an American Bar Association presentation in 2014, 55 percent of Americans die without a will or estate plan. Attorneys, despite their legal training, are no exception to this statistic. Not only is it important to plan for death, it is equally important to plan for life.
Planning for Life
Although most people think estate planning is all about death and taxes, more pressing, and often more significant, is planning for life. Specifically, a comprehensive estate plan not only anticipates what happens after a person dies, it includes planning for a person’s life in the event of incapacity or disability, whether temporary or permanent. In order to prepare for such events, there are two basic documents every person should consider.
