Many people think their estate plans need nothing more than a simple will, and that they can throw that together in minutes when the time comes. But the estate planning process can be more involved than that. You might need a trust, or multiple trusts, to bring your vision into reality, and you’ll need to take your potential need for long-term care into account.
For these reasons, and others, you shouldn’t procrastinate when it comes to developing your estate plan.
Yet, most people wait far too long to start getting their estate plan together. Let’s look at some of the top reasons why people delay creating their estate plan so that you can think about how to avoid them.
Top reasons why people procrastinate in creating an estate plan
There are several reasons why people hold off on creating an estate plan. Here are some of the top justifications:
- You’re young and healthy: Although a lot of people use this as an excuse to avoid estate planning, this is actually the best time to get your estate plan documentation in order. After all, if you wait too long, then it could wind up being too late by the time you get around to creating your plan. Or you might pass away without a plan in place, which would leave your assets subjected to the state’s intestate succession laws. You never know when something unexpected is going to happen, so it’s best to create your estate plan when you’re young and healthy.
- You don’t want to think about death: We know it’s hard to think about your own mortality, but it’s necessary if you want to protect your assets and your loved ones. And, once you create an estate plan, you’ll feel like you’ve lifted a burden off your shoulders. So, even though it’s hard to think about death, now is the time to do it so that you can cross estate planning off your to-do list.
- You trust that there won’t be conflict over your estate: You might think that you don’t need an estate plan because your loved one’s will simply agree to the distribution scheme that winds up unfolding, whether that be through intestate succession or a basic will that you’ve created. But will contests come up all the time, and most people don’t expect them. That’s why you’re better off creating a sound estate plan that protects your estate from legal challenges as much as possible.
- You don’t have enough assets: You don’t have to be ultra-wealthy to engage in estate planning. In fact, even those who have minimal possessions can benefit from estate planning. After all, there’s a lot more that goes into the process than merely specifying where your assets will go upon death.
- Estate planning is expensive: Estate planning often isn’t as expensive as people think. And foregoing estate planning altogether can end up being more expensive if your estate has to go through probate or if there’s a challenge to a basic will that you’ve created.
Don’t wait to create your estate plan
There are a lot of excuses to put off estate planning. But don’t fall into that trap. Now is the time to create the estate plan that you need and want. Don’t wait until it’s too late. If you want to know more about the estate planning process and what it can do for you, then now is the time to read up on the process as much as possible and to seek out any additional guidance that you may need.
