Estate planning is so much more than drafting a Will. Trusts, Power of Attorneys and Health Care Proxies all perform very different functions. Getting your final wishes down on paper can feel overwhelming. The truth is that this puts many people off from estate planning.
What are some other reasons that over half the population of the US does not have a Will?
# 1 – Superstition
People don’t pass away as a result of making a Will, however some believe that making a Last Will and Testament will hasten your death. There is also the belief that if you do make a Will, you are then ready to die because your affairs are in order.
# 2 – I don’t have anything to leave to anyone
The term estate planning itself can imply that an individual must have a vast portfolio of assets before it becomes relevant. This is far from the truth. Of course, much of the estate planning process is about money but it’s also about what’s important to you, and your assets may be worth much more than you think.
# 3 – I am too young to worry about it / I am not ready to make important life decisions
People believe, I have more than enough time to do my estate planning, I am young and healthy. However, no one has a crystal ball, we cannot predict when it will be our time.
Also, once a Will is in place it can be amended to reflect any life changes as they occur. Doing a Will when you are young does not lock you in to your decisions, you are never too young to start planning ahead.
#4 – It is too expensive
Often making a Will may seem like the last thing on which to spend money, but it is worth investigating whether you need one before dismissing it altogether. Estate planning does not have to be an expensive process; however, the cost is not prohibitive when you weigh it against the cost of litigation that potentially could occur.
One way to make estate planning much less daunting is to have someone with experience on your side. Seeking legal guidance will make you feel much more comfortable when planning for the future.