Many people are constantly putting off meaningful estate planning, and most of the time they will admit to it! Estate planning is a very important step to take to protect you wishes after death. It ensures the assets left behind are awarded to those you love-so why are people procrastinating to complete their estate plan? Below are the most common reasons why individuals have not started their plans-and the information to prove it can (and should) still be completed.
It’s expensive: While most people do not have extra money lying around or a money tree flourishing in the back yard-estate planning an investment worth the price. If an estate plan is not in place, it will end up costing loved one much more than the price to create a plan. Without a plan, upon death an individual and all their assets are placed under court guardianship. This requires fees and court costs. The assets that would originally be divided amongst loved ones will be paying these fees.
After going through the court guardianship process, individuals still go through the probate process. This is another court system accompanied with more fees and fines. After going through both court processes, the remaining assets (if any) are distributed according to state law-often time this law contradicts the deceased’s wishes.
To dodge these fines, it is important to get your estate in order. It does not have to be expensive. You could find a reasonable attorney who can offer some basic documents to get you started. Over time you can upgrade your plan if you desire.
I don’t own enough: One common misconception with estate planning is that it is intended only for the rich. This is not the case-it is for everyone. Often times those with less assets in their name fail to set up a plan. This results in the majority of the assets covering court and attorney fees. When all is said and done-hardly anything ends up in the hands of their loved ones.
I’m not old enough: Another misconception with estate planning is that it is for “old people”. Young individuals have a mentality that they will live forever. Many do not understand that at any time, any individual (young or old) could become incapacitated or die. This could be from illnesses, injuries, accidents, or sporadic acts of violence.
It’s confusing; I don’t know what to do: While many have uncertainty and face hefty decision when creating an estate plan, attorneys are called “counselors at law” for a reason. Having an experienced estate planning attorney can offer advice and guidance. They have witnessed firsthand what works and what does not. They will be able to help individuals understand the estate planning process and help make the best decisions.
Estate Planning Lawyer
If you are ready to stop procrastination and to get your final wishes in order, contact JacksonWhite. Their estate planning attorneys can offer the guidance and support you need to be sure your final wishes are honored. Contact 480-464-1111 today to set up an appointment and to get your estate plan in order!