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Common Reasons People Delay Estate Planning

Published on February 13th, 2019

 

Estate Planning Lawyer

No matter what your age or financial status, estate planning is something you should definitely be thinking about. The future is unpredictable and you want to be prepared for the unexpected. However, there are still many people that put off estate planning until it’s too late. Here are some common reasons people delay estate planning.

Not Enough Assets

Many people avoid estate planning because they don’t think they have enough assets to their name. The truth is, however, that you don’t need to be wealthy to have an estate plan in place. Even if you only have a life insurance policy to take care of your children, it’s necessary to have an estate plan. A plan can ensure that the money is used appropriately for your kids.

Too Young

Another reason people delay estate planning is because they think they’re too young. However, even if you’re just in your 20s, it’s not too early to start planning. You never know when the unexpected could happen. For example, what if you become physically or mentally incapacitated because of an accident or illness? If you have an estate plan, you can appoint who you want to make legal and financial decisions on your behalf.

Create Own Will

Some people make the mistake of writing their will themselves. They may type their will and sign it in front of a notary and believe that it’s perfectly valid. However, this doesn’t constitute as a valid will and won’t hold up in court. It’s important to spend the extra money on an estate planning attorney and get a valid will.

Too Depressing

It’s true that estate planning isn’t the most fun task and make you think about your own mortality. However, that doesn’t mean you should avoid it forever. Estate planning allows you to take care of your loved ones and ensure your wishes are carried out. If you work with a qualified estate planning attorney, it should be a much more pleasant experience.

Too Expensive

The cost of creating an estate plan can also scare some people away. While working with an experienced estate planning attorney will cost extra money, it’s well worth the peace of mind you will have.

Not Enough Time

In today’s fast paced world, most people are very busy. Between work and family obligations, they might not think they have enough time to devote to estate planning. However, the process doesn’t take as long as you think, especially if you work with a skilled estate planning attorney. All you have to do is fill out some paperwork and answer several questions and your attorney will take care of the rest.

If you want to establish an estate plan, you should schedule a consultation with a qualified estate planning lawyer Phoenix, AZ offers. They can help you create a strong estate plan that ensures that all your wishes are carried out and offer you valuable advice along the way.

Thank you to our friends and contributors at Kamper Estrada, LLP for their insight estate planning and common reasons people delay creating an estate plan.

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