Common Reasons People Put Off Estate Planning
Estate planning is no longer for just the wealthy anymore. It’s important for people of all income brackets nowadays. However, despite how essential estate planning is, some people are still reluctant to establish their wills. Waiting too long to create a solid estate plan can come with consequences. What that being said, here are some common reasons why people put off estate planning.
I Don’t Want to Think About Death
Your own mortality isn’t the most pleasant subject to talk about. That’s one of the reasons why some people delay estate planning. They’re uncomfortable talking about death and want to put it off as long as possible. However, it’s important to remember that avoiding the issue doesn’t make it go away. It’s best to push through the uncomfortableness of it all for the benefit of your family.
Estate Planning Is too Expensive
Another reason why some people shy away from estate planning is that they believe it’s too expensive. It’s true that planning your estate does come with costs, but they’re well worth it. In fact, there may be more costs for not having a solid estate plan. For example, if you die without a will, your family will definitely have to go through the probate process to get your assets, which can cost thousands of dollars.
Estate Planning Is too Much Work
When you have a full-time job and responsibilities at home, you might not think you have time for anything else, including estate planning. While estate planning does take some work, it’s not as painful as many people think. If you hire an experienced estate planning lawyer to help you, he or she will do the legwork for you. Once you provide the proper documents and information during your initial consultation, your lawyer will take care of the rest.
I’m too Young
Many people in their 20s delay estate planning because they believe they’re too young to worry about it. The truth of the matter is that you’re never too young for an estate plan. Even if you don’t have a family or a ton of assets, you should still have an estate plan in place. Life can be unpredictable, and people can die young. If you have an estate plan, you’ll know that your assets will go to the right people.
If you delay estate planning for too long, your family could suffer the consequences. Schedule a consultation with a reputable estate planning lawyer today to discuss your options.
Do People with No Children Need an Estate Plan?
Many people assume that if they do not have children, then they don’t need to make an estate plan. The truth is that everyone should have an estate plan. A Folsom estate lawyer can explain how having an estate plan can benefit your particular situation. The following is a brief overview of some of the reasons why.
An Estate Plan Can Help You Plan for Your Future
Having an estate plan in place can help a person plan for their future. For example, if a person wants to travel when they retire, an estate plan can help with investments that can generate extra income. An estate plan can also help plan for future health issues by helping set up certain types of insurance and having an advance directive in place. Your Folsom estate lawyer can help you explore all these issues.
An Estate Plan Will Make Sure Your Wishes Are Met
When a person dies without an estate plan in place, their property will pass to their closest heirs based on the laws of the state the decedent lived in. If they did not have children, then the estate could pass to their spouse, parents, or other relatives. However, maybe you want to give your estate to someone other than your closest relative. For example, you may be estranged from your brother but very close to his daughter (your niece). Under the law, your brother would be considered your closest relative and your estate would go to him. Having an estate plan in place would ensure your estate goes to your niece and not your brother.
People with pets should also have an estate plan that can make arrangements for the financial care of their pets when they die. This can ensure the pet’s needs are met even when their owner is no longer alive. Ask a Folsom estate lawyer about pet trusts and how they work
An Estate Plan Allows You to Give to Charities and Other Relatives
You may not have children to leave your estate to, but you may have relatives or a favorite charity that you would like to see the benefit by receiving some of your assets. An estate plan can specify who will receive assets or property when you die. A Folsom estate lawyer can advise you on the best estate planning tools to ensure these assets are dispersed the way you want, including charitable trusts, pooled income trusts, or donor-advised funds. Your attorney can set these up so that you can still earn income from the contents of the trust while you are alive.
If a relative you want to leave assets to has a lot of debt and there is concern that creditors may try to attach these assets, your Folsom estate lawyer can set up a trust in such a way that none of these creditors will be able to access these funds.
To learn more about estate planning, call the Yee Law Group PC today to schedule a consultation with a seasoned Folsom estate lawyer.