Life can be quite unpredictable, so it is always wise to plan ahead. You can start by establishing an estate plan. Unfortunately, many adults still do not have a proper estate plan in place. They continue to push the process off. Here are some common excuses people have for avoiding estate planning.
I do not have enough assets.
Believe it or not, many people assume that estate planning is just for the wealthy. They may think that they do not need estate planning if they have small assets and a modest income. However, you actually do not need to own a lot of assets to benefit from estate planning. If you own a small home and have modest savings, for example, you still want these assets to get passed down to the right people. Likewise, if you have minor children or pets, you should definitely have an estate plan. After all, you want them to get taken care of if you should die suddenly.
I will be dead, so I will not care.
Unfortunately, some people have this attitude about estate planning. When you are gone, some of your loved ones may still be here. You care about them, so don’t you want them to receive your assets in a timely manner after you die? If you do not have a proper estate in place, your property may have to go through a lengthy probate process before anyone can get anything. To make things for your surviving family member, you should take the time to establish a proper estate plan.
I can’t afford to create an estate plan.
This is another common excuse people use to put off estate planning. Although creating an estate plan with a skilled Fort Collins, CO estate attorney is not free, it is not as expensive as many people think. Also, establishing an estate plan can help your family members save more money after you’re gone. They can receive their inheritances quicker and may be able to avoid a lengthy and costly probate.
I am too busy to establish an estate plan.
Many people are busy with full-time jobs and families. However, that does not mean that they don’t have the time for estate planning. After all, it is important to make time for something as important as estate planning. If you hire an experienced estate planning attorney, it will not take that long at all to create a plan. Your attorney can work around your schedule and help you create a solid plan in no time.
I do not want to think about my mortality.
As irrational as this may sound, some people put off estate planning because they think they will die sooner. While it may not be pleasant to think about your mortality, it is still important to speak to a qualified attorney about estate planning soon.