10 Reasons People Put Off Planning

Reason #1: Intimidation

Estate planning does not have to intimidate you!

If you can create a list of the major stuff you own and the major debts you own, you are well on you way to making a plan.

The other part is deciding who you would want to act for you, that is make decisions for you, if you can’t.  Sometimes this is a difficult decision, but with the expert coaching of your attorney, you’ll get through this part with little trouble.

You should expect about an hour for the initial session in getting to know your attorney and setting goals.  Then you’ll go home with homework to guide you through the needed information.  A short meeting will be scheduled to go over the homework.  At the end of that meeting, you should expect to schedule your signing meeting.

In the meantime, expect a set of drafts for your review.

At the signing meeting, we will sit around a conference table, sign, and witness your documents.  Then they will be put into a notebook for you to take home.

Reason #2: Don’t Care/Apathy

“I’ll spend it all!”

Estate planning is very important for day to day life.

I hope you do and don’t run into any unforeseen things like accidents, medical incidents, or random acts of violence in the meantime.

If you were to become incapacitated for any reason, you deserve to know who will make your decisions, pay your bill, choose your healthcare options, and much more.

If you don’t decide now, then your family will likely have to go to court to get a guardianship over your person and property.  This will cost them a great deal of money and time.

Reason #3: Youth

Youth is not an excuse…

Accidents and random acts of violence happen all the time.

If you are single, you should still have somebody that can legally act on you behalf.

If you are married, even more reason to setup a minimum estate plan to make sure your spouse has access and legal authority to act in you place.

If you have children, then you need to think about protecting them and making sure they and your spouse have immediate access to money and assets without the need of getting the courts involved.

Reason #4: Cost

What cost can you put on peace of mind, security, and comfort?

Basic protective planning for a family starts reasonably and can be added to over time.

Reason #5: Time

How long do you think it will take on your part?

What if I told you, it’s probably less, much less, than that.  In only 5 to 8 hours you can have your part done.  That includes time meeting with the attorney, gathering information, working with banks, reassigning beneficiaries, and signing.

Reason #6: Don’t Think You Have Assets or an Estate

EVERYBODY HAS ASSETS!

If you have assets, you have an estate.  Your estate is everything you own.

The clothes you are wearing are your asset.  The car you drive is your asset.

But you have more than that… Cars, clothes, jewelry, money, stocks, bonds, retirement, life insurance, patents, investments and more are your assets.

If you take the short amount of time to add up the value of your assets, you may be surprised at how much you really have.

And, you have some assets without value.  Your rights.  Your right to make financial, legal, and medical decisions.  Your dignity to live in the manner you want.  Your right to choose your end of life.  Your right to deny medical treatment.  And more…

You should protect your rights as well as your assets.

Reason #7: Complicated

The complicated part is done by the estate planning attorney!

Your part is to define your goals and answers the questions the attorney will provide.

Reason #8: Mortality

Almost nobody wants to think about the end.

But, do you want to leave your family a loving legacy instead of a mess?

Reason #9: Somebody Will Take Care of It

Yes, somebody will take care of it if you don’t.

However, that comes at a high price.

If you are to become incapacitated, somebody will hopefully step up and get a guardianship over you.  That requires getting statements from a doctor, filing a petition, going to court, and filing annual reports with the court.  This adds up quickly to several thousand dollars, a lot of time, and emotional expense.

If you pass without a plan, somebody will have to step up and settle your estate.  Petitions, trips to court, time, emotional expense, and more…  Many thousands of dollars will be spent to wrap up.

Reason #10: Uncertainty About Who to Ask

This can be a tough decision.  Who to ask to be your trustee, executor, etc.

This is not a good reason to keep putting off planning.  You will work through this issue with the help of your planning attorney.

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from DeWitt Law Firm, PLLC