ESTATE PLANNING PROCRASTINATION:
THE TOP REASONS PEOPLE GIVE FOR NOT HAVING AN ESTATE PLAN IN PLACE
I’M TOO BUSY AND I’M NOT PLANNING ON DYING TOMORROW
This is my personal favorite and the one I hear most often. To be fair, it’s somewhat understandable because I know we all live very hectic and busy lives. Let’s face it, sitting down to discuss your own mortality is probably not real high up on your list of things to do. But is sure should be. Remember, having a well drafted estate planning is all about giving you peace of mind and, most importantly, protecting your family and making things easier for them after you’re gone. Don’t wait until there is some kind of family crisis or emergency to put your affairs in order. That only makes the whole situation more stressful and difficult to deal with. Having Last Will and Testament, a Durable Power of Attorney, a Living Will and, perhaps, a Trust on some kind should be comforting not scary.
I DON'T NEED AND ESTATE PLAN, I DON'T HAVE MUCH TO LEAVE
Folks, estate planning is not something that only wealthy people do. You may not think you have much to leave your heirs, but that’s only one part of the estate plan anyway. If you have a small estate you probably won’t have to discuss or get into any type of trust planning, but you should still have a simple Will spelling out who your leaving your things to and who’s going to be in charge after you’re gone. Moreover and at a minimum, you’re still going to want to have in place a well drafted Durable Power of Attorney and Living Will (Health Care Proxy). Those two items may end up being the most important part of your estate plan because they are documents that can come into play while you are still living.
MY CHILDREN WILL HANDLE EVERYTHING AFTER I'M GONE
Well I guess they might, but they sure aren’t going to be very happy about it if you’ve left no plan and provided them with no guidance whatsoever. Think about estate planning as a final gift to your family. By having a good estate plan in place, you’re making the job of administering your estate much more straightforward and less confusing. Most importantly, you’re also protecting yourself in the event that you should become mentally or physically incapacitated at some point in your life. Your estate plan will allow you to appoint in advance who you would like to have step in and handle your affairs in the event of such incapacity. This can go along ways to preventing fights and arguments amongst your heirs over whom should be in charge.
ATTORNEYS ARE WAY TOO EXPENSIVE
This one drives me crazy. Putting a simple estate plan in place for your family certainly doesn’t have to break the bank. In reality, most attorneys will be happy to prepare a simple estate plan for you and your family for a few hundred dollars. Before you elect to try the old do-it-yourself method or buy some cheap fill-in-the-blank forms, keep in mind that there is no such thing as a single estate planning solution fits everyone. Call a couple experienced estate planning attorneys in your area. I think you’ll be pleasantly surprised when you find out how affordable and straightforward this whole process can be.
At American Wills & Estates we’ve been guiding and assisting our clients throughout Western Pennsylvania through the estate planning process with competency, compassion and care for over 25 years. We have multiple office locations and also provide home, hospital and evening and weekend appointments upon request. Give us a call today at (412) 381-7370 or visit us online at www.americanwillsandestates.com Stop procrastinating and give us a call today.