Just Do It!


Just Do It!

I am not a betting woman, but I bet that those of you reading this column now—and have read it before—DO NOT have an estate plan. I am so confident in this that I’d be willing to put up a wager for everyone who presents their estate plan to me.

Why don’t more people, especially Black folks, have estate plans? From my experience, the reasons are clear:

1.    They don’t believe they need one.

2.    They don’t want to contemplate the inevitable.

3.    They believe an estate plan is only for when you die.

4.    They believe that an estate plan is cost prohibitive.

None of these are true.

An estate plan isn’t solely about distributing your assets after you pass. It’s also about protecting your wishes and ensuring a plan of care should you become incapable of making decisions for yourself. When done correctly, an estate plan provides both financial security and peace of mind—not just for you, but for your loved ones.

I once worked with two families in similar situations. One had a matriarch who had taken the time to create an estate plan, ensuring that her wishes were clear. The transition of her assets and care was seamless, reducing stress for everyone involved. The other family, however, had no such plan in place. What followed was years of confusion, legal battles, and fractured relationships. One family preserved their legacy with dignity, while the other endured unnecessary hardship.


People often ask me: What’s the biggest mistake in estate planning? The answer is simple. The biggest mistake is not having an estate plan at all. No matter your age or financial status, you need one. The best way to avoid this mistake is simply- JUST DO IT.

Don’t leave your family guessing. Make the decision today to protect your legacy. Will your estate plan be perfect? Probably not—what in life is? But families with a plan in place experience far less stress than those forced to navigate the chaos of an unplanned estate. A word to the wise is sufficient. Again - JUST DO IT!

Bye for now,

Bren


QUIZ: What are the three basic steps of estate planning?


Answer last week’s quiz: Hospitals require and provide a Medical Power of Attorney (MPOA) that may or may not be durable; read it before you sign and get a copy for your records.


Get a more detailed answer to last week’s QUIZ question or for any financial questions that you may have, please call me: 773-817-0601 or 773-819-1700.

Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.


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