Top 5 Excuses People Make to Avoid Estate Planning (And Why You Shouldn’t)!

Excuses, Excuses, Excuses! It’s time to stop making them.

Estate planning is an integral part of any individual or family’s plan for the future, yet many people put off creating one. YES!!! I just equated an Estate Plan with the future, and you should too!

It’s understandable that people want to avoid thinking about the end of life, but putting off estate planning can have serious consequences for both you and your loved ones. In this post, we’ll explore the top five reasons why people put off making their estate plans. We recognized that you may have some internal strife and conflict holding you back. So it’s time to take an assessment of your situation, shake off the fear, and do something!

Having a comprehensive estate plan is as important as having insurance on your car and home. Having a plan let’s your loved ones have peace of mind and time to grieve for you when you are gone.

In no particular order, here are the top 5 excuses people make to avoid estate planning:

1. Procrastination

When the unexpected happens, there are no second chances to create an estate plan. Let’s just put this out on the table: accidents happen, healthcare emergencies happen, bodily injuries happen, mental incapacity happens, and so does death.  Every day, every week, every month, and every year.

One of the most common reasons people put off creating an estate plan is simple – it is because of procrastination.  Estate planning can be a complex, confusing, and time-consuming process. We get it – it is easy to put it off until later. Unfortunately, this delay can result in serious consequences. Do you really want to leaving your child without funds to live until they are an adult, leave your wife fighting with your parents over whether to make a significant healthcare decision, or subject them to a lengthy and costly probate process.

2. Fear of the Death or Unknown

The thought of planning for the end of life can be daunting. Our society has created fear around the topic of dying, as though it was some unnatural part of life that can be avoided. Until advances are made in science, all humans walking the earth now will eventually die. There are statistically sound life expectancy charts available on the internet if you are interested.

As for creating your estate plan, it can be difficult to know where to start and what decisions to make. Additionally, many people fear that the process will be costly, complicated, and confusing. However, once you get over those fears and make that call, people often find out that working with an experienced and caring estate planning attorney is enlightening. Estate planning attorneys can help educated you on the options available to choose from, and ultimately alleviate these concerns. 

3.  Lack of Understanding & Misconceptions of the Process

Our third excuse is a combination that many people simply don’t understand the importance of estate planning or the consequences of not having a plan in place, or they have a misunderstanding of the process. Estate planning is not just about protecting your assets and distributing your wealth when you are gone, but it is as much about protecting your loved ones and ensuring that your wishes are carried out after you’re gone.

Likewise, there are misconceptions about estate planning that prevent people from creating one. For example, some people believe that a will or a trust are only for the wealthy, or that it’s only necessary for those who are nearing the end of their lives. Others may think that estate planning is a one-time event that doesn’t need to be revisited after you get through it the first time. An estate planning attorney will provide you with INFORMATION to  addressing these and other misconceptions. This information will help guide you to understand the actual value and importance that estate planning has for people from all walks of life. 

4.  Putting it off for a Future Time

Some people believe that they are too young or don’t have enough assets right now to worry about estate planning. However, it’s never too early to start planning for the future. In fact, estate planning can be even more important for young families, as it ensures that your children will be taken care of and your assets will be distributed according to your wishes in the event of an unexpected tragedy.

5.  Cost

You pay for what you get. The same is true for estate plans.  While it is true that creating an estate plan involves some costs, it is important to remember that the benefits of having a plan far outweigh the expenses. A comprehensive estate plan will provide peace of mind, protect your assets, and ensure that your loved ones are provided for in the event of your incapacity or death. You must also consider the the potential costs of not having an estate plan, such as guardianship proceedings, legal battles over your assets, and high probate fees.  These fees alone can be much more costly than the upfront expense of creating you estate plan. Ultimately, the benefits of creating an estate plan far outweigh the costs, making it an important investment in your future and the future of your loved ones.

CONCLUSION

In conclusion, estate planning is a critical component of any individual’s financial plan. While it’s understandable to want to put off this process, it’s important to remember that the consequences of not having a plan in place can be severe. By working with an experienced estate planning attorney and taking the time to understand the process, you can ensure that your assets are protected and your loved ones are taken care of, no matter what the future holds.

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