According to a survey from Caring.com, only 33% of Americans have a will or trust and 1 out of 3 people believe they do not have enough assets to need a proper estate plan. There are a variety of reasons why people do not get their estate plan done with three big ones.
1) Uncomfortable Conversations. Most of our clients tell us how their parents never talked to them about death or what they would want when they die. This tends to cause a lot of confusion and contention, and it delays the mourning process. You work hard to protect and provide for your family and estate planning is just one more piece to the puzzle. Putting a proper estate plan in place can lower your loved one’s liability risk and ensure they have all the tools at their disposal to wrap up your estate efficiently.
2) Lack of Knowledge. A lot of people think that they need to have millions of dollars, multiple properties, and/or children to need an estate plan. The truth of the matter is that no matter how many assets you have, they must go somewhere when you pass; might as well be the people you want instead of people the state chooses for you. Also, estate planning is not just to provide for your loved ones when you pass, it also includes who is going to help take care of you and make decisions for you if you become incapacitated. Appointing the people you trust to be your power of attorney is an underrated part of estate planning and is just as important as getting a will or trust created. Lastly – Beware of Google! Google is an extremely helpful tool, however, attorneys have to graduate from law school and pass the bar for a reason. Meeting with an estate planning attorney is far more beneficial than piecing together articles on Google.
3) Procrastination. A lot of our clients will meet with us and tell us they have been meaning to get their estate plan together for years, sometimes decades! Procrastination is one of the most common reasons people do not have their estate plans done. Maybe you think you are too young to need one or because you are too busy with work or travel. Your age does not matter because there is no age requirement for death. As for being too busy – getting your estate plan done is a matter of priority. Once it is done, the hard part is over, and you can work and travel with peace of mind!
We know the topic of death can be uncomfortable and you may think you have all you need in place because your neighbor or Google told you so, but why not just make sure everything is set up the way you want it to be by meeting with one of our experienced Estate Planning Attorneys by scheduling a free initial consultation today!