Are you actively avoiding making an estate plan? Well, you certainly aren’t alone! Truth is, a lot of people steer clear of making an estate plan. Here are some of the reasons as to why this happens:
- They think it’s a hassle.
- Differing opinions.
- They have to make tough choices.
- They don’t want to think about dying.
These are the main reasons why people put off having to plan their estate. Most would rather ignore the process altogether than even attempt to put a plan together. After years of experience in this field and having dealt with a variety of different scenarios, we can assure you that avoiding estate planning is a huge mistake.
Who it Affects?
The reality is your estate planning doesn’t affect just you. It also affects those closest to you. For example, if you have a spouse and children and you were to pass away with no plan in place, then not only will your family be emotionally burdened they will be financially as well. While your loved ones are in mourning, they will have to pick up the pieces that you left behind. By being proactive, you can avoid this scenario and save your family from the stress of dividing your estate themselves, and perhaps avoid family squabbles about what mom or dad really wanted.
What is Stopping You?
Another factor that causes people to hesitate in creating an estate plan is not having someone they trust to make important finance and medical decisions for them. Some people never marry or have children and don’t feel the need to worry about what happens to their possessions after they pass. Whatever the case may be that makes you believe that it is not worth creating an estate plan, we can confidently say that you are mistaken. Even if you don’t have anyone to plan for it is still important to create an estate plan, if for no other reason than to protect yourself. Planning for your own needs is just as essential as planning for others. Convinced yet? It’s time to start planning!
How Often Should You Update Your Estate Plan?
Hoorah! You finally decided to create an estate plan, but did you know that it is essential to update it? How often, you may ask? We suggest that you should look over your estate plan every 3-5 years. First because the laws are always changing it is in your best interest to go over your estate plan with your attorney to ensure that you are abreast of the current rules and regulations. Another reason to review your estate plans is simply because you might have forgotten what you had. Life is always changing. You may have attained more possessions or lost some possessions. Perhaps, you married or had children during the years since your estate plan was drafted. Whatever the reason, reviewing your estate plans at scheduled intervals will help you be better prepared for the future!
Don’t let excuses prevent you from making your estate plan! Don’t know where to start? We are here to help! Contact our office today and we can do all the hard work for you so you can rest at ease knowing that your future is protected.
