This past weekend I was playing some old Rolling Stones on my earbuds at the gym and the song “Time is on My Side” came on. I am sure you have heard the song – they didn’t write it, by the way, but they did make it famous. I imagine the band members were in their late teens or early 20s when they recorded it. When you are that young, time may indeed be on your side!
But the song reminded me of two different clients. One was an adult son who was wrestling with his aging parents’ lack of estate planning. He called us last January to update their plans since both parents were declining quickly. I quoted him our fee, which he agreed was reasonable, and gave him a checklist for them to complete. That was in January. He called us a month later and said that now neither of his parents had the ability to even write their own names any longer. Lives can change quickly and because of the delay in getting their plans in place, the son can now look forward to a costly administration after their deaths and a possible costly conservatorship for the remainder of their lives.
The other client was an adult daughter who came to us last spring to discuss her aging father, who was in rehab following surgery. We also discussed with her the importance of “cleaning up” his lack of planning and possibly taking steps to avoid probate at his death. She agreed to get back with us soon. Unfortunately, she didn’t, and his condition worsened to the point where he was sent to a nursing home, unable to continue living independently any longer. She was so consumed with just getting from day to day that she missed her planning window! Now she will have to deal with his lack of planning for the rest of his life and possibly long after he is gone.
Time is not always on our side! Here at year-end, I hope you will take the necessary steps to consider protecting yourself and your spouse and children, especially minor children! Simple estate planning is less expensive than not having plans in place, and yet people don’t seem to understand that fact. For example, a simple Will costs 1/10th of what going through the probate process without a Will costs. A Power of Attorney costs 1/10th of what a Conservatorship might cost.
If we can be a resource to you or to your friends, I hope you will give us a call.
William G. Nolan
The Alabama Elder Care Law Firm, LLC
205/390-0101