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 because 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 to 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.