My goal for the Estate Planning Blog is to educate and entertain. However, as much as I like to talk about Taxmageddon, Star Wars, athletes, and Facebook, estate planning is a very serious subject. We should not forget that.
This week, three people were ruthlessly killed by a homicidal madman in Orange County. Click here to read the story. Others were seriously injured. The incident occurred during the early morning commute to work. Why do I bring this up? The reason is easy to explain. Estate planning is something people typically put on the backburner. It is not something that they need at the moment. They do not have a sense of urgency to do any serious planning unless: (1) they are very old; or (2) they are gravely ill.
I am sure that everyone involved in this tragedy woke up that morning thinking that the day would end like any other. The truth of the matter is that we do not know when we are going to die. We have little control. However, we do have control over what happens to our estate after we pass away if we act well before our time eventually comes. Surveys typically show that less than half of the people in the United States have any type of estate plan. This is mind boggling. I suppose that those with no estate plan, not even a basic will, are 100% certain that today is going to end like any other.
I offer my sincere condolences to the family and friends left behind from this tragic event.