We often hear many reasons why people don’t have estate plans or why they delay making their estate plans.
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Here are the top five reasons why people don’t have estate plans (and why these reasons shouldn’t prevent you from carrying out your estate planning today):
- I don’t have enough money, property, etc. Estate planning isn’t just about assets. Estate planning is a way to protect your will, in case of inability. If you have young children, estate planning allows you to choose their guardian, should something happen to you. Estate planning also allows you to direct medical and financial care, should you become incapacitated. Furthermore, most people own more assets than they realize. Estate planning is for everyone, no matter the size of your estate.
- I’m too young, I’ll worry about that later. We often hear this. Unfortunately, life can change in an instant. It doesn’t matter how old you are, you can get into an accident or experience unforeseen health problems. It is very important to prepare documents to protect you. While your documents may change from time to time, having a basic document will help you down the road.
- I’m afraid to talk about it. We understand. Talking about disability and death is not a pleasant thing. However, once your estate planning is complete, it will give you great peace of mind. It also allows you to think about it and prepare documents before an emergency occurs. We help our clients have difficult conversations and put their minds at ease with customized solutions to their problems.
- I do it online. Online real estate planning can cause a lot of problems. The online document may not be the correct document for your state or situation. They may not be legal, if they are for a different state and may fail to have the appropriate language. They also may not be sufficiently tailored to help best protect your interests and assets. Real estate planning online can lead to lengthy and costly probate battles.
- It’s too expensive. We know that estate planning requires up-front costs. However, these costs are significantly less than if your estate had to go through probate. It also lets you create a plan for your assets, instead of letting the state decide where your assets go after your death. Estate planning also gives you peace of mind by letting you decide who will make financial and health care decisions on your behalf. Good estate planning will help you protect your assets with respect to tax obligations, future disputes, and probate court costs. Planning in advance can save you money in the long run.
None of the above reasons should prevent you from finalizing your housing plan. It’s always better to make housing plans now, and update them in the future if necessary.
We can help you determine what documents are best suited to your situation and help you find customized language to protect you, your interests, your family, and your assets.
If you need help deciding if you need an estate plan, contact us today!
Contact us today to help you get the right paperwork or to update your current property package. We will plan so you don’t have to worry about your future.
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