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Stop Procrastinating & Start Estate Planning: Tips to Get Started
Why Do We Procrastinate When it Comes to Estate Planning?
What happens after you die isn’t the most comfortable topic to think about, which is why many people to procrastinate when it comes to estate planning. Some common reasons why people are hesitant to plan what happens to their estates include:
1. Not wanting to think about death. One of the biggest reasons why people avoid the topic of estate planning is because it pushes you to think about your own death.
2. Not wanting to talk about money. Another reason why people procrastinate is because they don’t want to talk about money. Money can be a very sensitive topic, especially in families. This is because many times people do not want anyone, especially their own families, to know “how much” or “how little” there is to discuss for fear of creating dysfunction down the road for their loved ones when, in fact, NEVER addressing it is, in fact, what usually leads to very dysfunction they fear so much.
3. Estate planning can seem confusing. Estate planning can be very confusing to some people. When do you start? What sort of things do you need to prepare for your estate plan? How do you know what plan fits YOUR situation?
4. Not wanting to make difficult decisions. Estate planning requires you to make very big decisions, such as guardianship for your children, who will make financial and medical decisions for you in the event of incapacity and whether you need a trust. These are by no means easy decisions to make as you need to know all of the planning vehicles out there and how each apply to your situation so that you can understand your options.
It’s Time to Stop Procrastinating
Although estate planning is a tough subject, it is extremely important that you get it done. Estate planning helps avoid tax or legal tie-ups, and ensures that your assets will be distributed as you wish. Additionally, an estate plan ensures that the right people will be appointed to take care of your loved ones.
How Do I Stop Procrastinating my Estate Plan?
We all have things that we avoid doing simply because we do not enjoy doing them. Most people know that estate planning is important, but they avoid doing it anyway. So, how do we stop procrastinating?
1. Remember, you are planning for yourself and your loved ones. Your estate plan benefits you and those who you care about the most. This plan will provide guidance (and potentially cost savings) to you, your children and other loved ones.
2. Visualize what would happen if you did not have an estate plan. Without an estate plan, a court could decide who will take care of you if you become incapacitated or, perhaps, your children if you are no longer able to take care of them. Additionally, the statutes would determine who will inherit your assets instead of you. Obviously, the statutes don’t know who you wanted to get your “stuff”, so it’s best to outline your wishes in advance.
3. Keep it simple. An estate plan does not have to be complicated. The best way to start estate planning is to hire a qualified and experienced attorney who can guide you through the process.
Take the First Step
The Law Firm of Blanche D. Smith, P.C. is committed to educating our clients, their families, and the community about issues related to estate planning and probate. Please join us at one of our free workshops to learn more about how to get started protecting yourself and your loved ones.
Register for our estate planning workshop today or contact us using the brief form below: