Why Do We Put Off Estate Planning?

 Posted on March 08, 2017 in Estate Planning

Deep down, most of us understand why having an estate plan in place would be a good thing. We know that we want our property and assets to be distributed among our family member or chosen charitable organizations. Put another way, we realize we “can’t take it with us” when we die. Despite these realities, more than half of American adults have not taken the time to draft a will, let alone develop a comprehensive estate plan. There are many possible motives why this may be true, but most tend to procrastinate on estate planning for largely the same reasons, including:

Death Is Scary

In a society that places such a high value on longevity and advances in health care, it should hardly be a surprise that people are hesitant to confront the idea that they will die at some point. That said, death will, one day, be a reality for everyone, and no matter what your beliefs may be regarding religion or the afterlife, your family members and your assets will be left behind. While our own mortality may be difficult, it is worth being uncomfortable for a little while to ensure your loved ones are provided for in your estate plan.

The Whole Process Is Scary (and Confusing)

Assuming you want to create an estate plan, do you know where to begin? Do you even know what you actually own? For many people, answering “no” to either of these questions is enough to prevent them from taking action. Estate planning can certainly be confusing—as can the law—and it can be initially intimidating to walk into an attorney’s office. With the right guidance, however, you will likely find that the process is not as difficult as you may have feared, and the resulting peace of mind is well worth the effort.

Estate Planning Is Not That Urgent

If you do not have significant wealth or a large number of investments, you may think of estate planning as something that is nice and probably important, but not particularly urgent. You need to worry about cooking dinner tonight and getting the kids home from band practice tomorrow, so estate planning will just have to wait. Your estate plan will suddenly seem very urgent, however, if you or your spouse is involved in an accident or diagnosed with a life-threatening condition, at which point it may be too late.

It Is Too Expensive

Money is a major reason why many people are hesitant to create a formal estate plan, especially among those with smaller estates. You may think it is not worth it to hire an attorney, draft a number of documents, and set them aside, only to review them again—at an additional cost—in a couple years. In reality, spending a little bit on estate planning now can actually save you money over the long term, as, with proper guidance, you may be able to decrease your tax liabilities, eliminate costs related to probate, and avoid other expenses involved with letting the state handle your estate. Your assets should be passed down to your beneficiaries not forfeited to the government due to voluntary inaction.

Take the First Step

If you have been thinking about estate planning but are unsure of how to start, contact an experienced Lombard estate planning attorney. At A. Traub & Associates, we know that the process can seem overwhelming, but with our knowledge and skill, we will help you develop a plan that protects you and your family for years to come. Call 630-426-0196 for a confidential consultation today.

Sources:

http://www.huffingtonpost.com/david-a-dedman/why-we-avoid-estate-plann_b_6763860.html

https://www.livingtrustnetwork.com/estate-planning-center/introduction-to-estate-planning/what-the-experts-say/wills-and-trusts-four-reasons-people-delay-shouldn-t.html