Future generations will only find it more difficult to attain and retain capital. Accordingly, the present generation needs to prepare an estate plan to protect the capital they have accumulated. There is no time like the present to do so because, as life expectancy increases, so does the risk of losing capacity.
An Estate Plan determines how the assets owned, or controlled< by you at the date of your death are to be held or distributed in accordance with the provisions of your latest Will or otherwise. Therefore during your lifetime your Estate Plan should be the subject of ongoing review with updates being dictated by changes to the needs of your beneficiaries and the contents of your asset pool.
Sometimes the decision making process (including discussing sensitive issues with partners and family members) just seems too daunting. However, the alternative of not having an up to date Will in place as part of an estate plan that reflects your wishes if you had “died yesterday” is not an acceptable alternative.
You know you can’t predict the future, but you can ensure that you have planned for it.