Top Excuses for Estate Planning Procrastination
Many people put estate planning on the back-burner. They say they’ll get around to it. They assume there’s plenty of time and it’s not urgent. Are you letting urgent, unimportant demands steal time away from getting around to estate planning?
1.“Estate Planning is too expensive.”
An estate plan can be costly, but it’s worth it. You get what you pay for. In general, it’s more expensive to pay for the court probate process than setting up an estate plan which avoids probate. We tell our clients, “pay now or pay a lot more later.” Still unsure? Take advantage of our Free Estate Plan Consultation.
2.“I don’t have an ’estate.’”An estate plan means more than just the amount of money or possessions you have. An estate plan also includes:
A.Naming someone as your power of attorney in the event you become disabled;
B. Naming someone as a guardian for your children (don’t leave it to the Courts to decide), and
C. A living will declaration (similar to a do-not-resuscitate) which directs medical personnel to not use death-delaying or artificial procedures if your death is imminent.
3. “I’m too young.”The majority of Americans do not have a will. Everyone has the right to direct where their money and assets will go after they pass on, and yet few people exercise their right. Without a will, the State writes one for you and decides who will get your assets. Don’t leave it to the State to decide something which is yours to decide for yourself.
4. “I don’t have time.”Most of us get caught in the cycle of delaying important things which are not urgent, and filling our schedule with urgent things which aren’t as important. For example, most of us spend more time planning a vacation than planning what to do in the event that tragedy strikes home. Break the cycle. Make time to protect your family. It is not as complicated and involved as you may think. Check out our Estate Planning Time-line.
5. “I don’t know whom to appoint.”There typically isn’t a “perfect choice,” for any of us. But it’s better to appoint someone than no one at all. Discuss your options with our attorneys. Get a plan in place now, because you can always revise your documents at a later time.
6. “Lawyers are intimidating.”Yes, many lawyers have given the profession a bad name. But we strive to break the mold. We are a father-daughter legal team and we aim to be accessible, approachable, and authentic with our clients. Take advantage of our free estate plan consultation and see for yourself.
7. “I don’t want to think about my own Mortality.”Setting up estate plans are much like planning to buy life insurance - you’ll get around to it someday, right? Just not right now. We don’t like to think about our own mortality. We all assume we have plenty of time left. Unfortunately, we’ve seen what happens when people wait too long - a loved one develops alzheimer’s or another disability and is no longer competent to set up an estate plan, or other types of tragedy strike when least expected. None of us knows how much time we have left. Put a plan in place now - it will protect your loved ones and give you peace of mind. Call us today to schedule a Free Estate Planning Consultation.