Issue 27.09
Surveys show that over half of the American population will die without a Will. Why do so many leave their estate in someone else’s hands to determine how it will be distributed? Below are some of the most common excuses. If you are one of those putting-off this important opportunity, you should identify and get past the excuse that is holding you back.
1. Refusing To Accept That We Will Die. We can all agree that we will die, and we can all agree that we don’t like to think about it. Preparing your estate plan brings the fact of your mortality into keen focus, which can be uncomfortable. However, ignoring death is not an answer. And since we have no control over when death will occur, we should not take for granted that we have time on our side to set our affairs in order.
2. Procrastination. People who procrastinate typically are perfectionists. They wait until the perfect time or situation to begin the task to be performed. And of course that “perfect” situation is hiding somewhere far down the road. You need to recognize that there is no better time than now to address our estate planning needs. Clearly the best thing for those we love is to prepare our estate plan now so it will be in place when it is needed.
3. Too Small Of An Estate. Often we look at what we own and think there is not enough to fight over or fuss about. The reality is that modest estates often need the same well-thought-out plans as larger estates. Also, the beneficiaries of modest estates don’t want to spend what is there on fixing problems that could have been handled much more affordably by a good estate plan. In addition, it is often overlooked that the very cause of death may actually create sizeable value through life insurance or accidental death benefits.
4. Too Expensive. Many people believe that the cost of an estate plan will be too much. However, a properly prepared estate plan is often the bargain of a lifetime when compared to estate settlement costs if questions or disputes arise as to what is to be done with your property. I always meet with clients for a free initial consultation to see what they need so they don’t pay for unnecessary services. Some people attempt to write their own will to save money, but in my experience self-written wills are most often more troublesome because of unclear instructions and questions that are certain to cause problems for the family. An experienced estate planning attorney should be used to find and solve questions in advance.
Next time: More excuses for putting off estate planning.