If you’re waiting for your schedule to clear or for the right time, or any of the more common excuses people use to delay having their estate plan done, you’re inviting disaster for the people you love. So says a recent article from Kiplinger, “Think You’re Too Busy to Do an Estate Plan? In 3 Hours (Seriously), You Could Save Your Heirs Months (or Years) of Stress and Heartache.”
One example is a couple who have built a successful disaster recovery business. The high school sweethearts and their crew show up when there’s been a disaster. The crew has been with them for decades and is treated like family members. Meanwhile, their own disaster has been building quietly in the background.
The couple owns a million-dollar business, a large estate have several adult children and has no estate planning documents in place. What is their response to an advisor who presses them to get it done? They are aware of the need, but don’t have the time.
The cost of delays for 55-year-old business owners is not abstract. It’s measurable and often irreversible.
No will or trust. Dying without a will means whatever your state’s laws are will be your estate plan. It will not protect your business partner or a child with special needs or transfer your business to a corporate entity. The legal fees will be enormous, as the entire estate will go through probate.
Without a trust, assets aren’t protected, and preferred heirs may be disinherited. Your personal finances will be part of the public record, attracting all kinds of trouble for heirs.
No buy-sell agreement. If you haven’t put a buy-sell agreement in place, a surviving spouse might become an involuntary owner with employees or co-owners. In this example, both spouses work in the business. However, that’s not always the case.
No life insurance strategy. A million-dollar business could lead to a tax burden and require heirs to sell the business to pay taxes. This type of sale—under pressure—happens at the worst possible time and always results in a reduced sale price.
No succession plan. Business owners need a succession plan to be created in tandem with their estate plan. The succession plan identifies key employees, establishes a legitimate value for the business, documents processes, clients, competitors and vendors. Without the owners or a plan, even the most successful business can vanish swiftly.
No healthcare proxy or power of attorney. An unexpected illness or accident crisis causes more than a medical emergency. Without properly prepared POA documents, a financial crisis can follow. These are needed so someone can take care of the financial side of your life if you cannot. Loved ones don’t automatically have the right to make medical decisions on your behalf.
All these issues can be avoided by taking the time to meet with an estate planning attorney. Compare the three or four hours required to meet with an attorney to the time loved ones will need to spend taking care of everything the business owner didn’t. An estate plan, created with the help of an experienced estate planning attorney, is mission-critical for anyone who wants to avoid their own disaster.
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Reference: Kiplinger (March 24, 2026) “Think You’re Too Busy to Do an Estate Plan? In 3 Hours (Seriously), You Could Save Your Heirs Months (or Years) of Stress and Heartache”
