Most people believe that estate planning is important and they have every intention of doing it, yet they continue to procrastinate creating a plan. While no two individuals are the same, below are a few of the most common reasons people delay establishing their estate plan:
Fear of Death
Most people do not like to think about (or talk about) their own death. Estate planning forces you to think about how to provide for your loved ones after you are gone. You must make decisions on how to distribute your assets and who to appoint to be the guardian of your minor children. These types of decisions are uncomfortable and difficult. However, dying without providing for your loved ones is even worse. While discussing your estate plan can be awkward, you might be surprised at the peace of mind you feel once the task is done. Also, it will show your family members that you care enough to plan for their future.
If you have strained relationships with some of your family members, it can add tension to the estate planning process. You may have specific goals that you want to accomplish with your estate plan, but your relatives may be placing pressure on you to do otherwise. It is important to work with an experienced attorney who can help you create the plan you want that will achieve your goals. Additionally, you should remember that this is your estate plan. Be honest with your loved ones and listen to what they have to say, but ultimately it is your decision on how to handle your estate.
Loss of Control over Finances
Some people incorrectly believe that by creating an estate plan they will lose control over their money and/or their property. Ironically, by establishing a comprehensive estate plan, it provides you with financial security and you are better able to maintain control. Without proper planning, if someone becomes incapacitated, the probate courts take control and you lose all control. We can help you protect your assets from creditors, provide for your family’s future, and create strategies for reducing the amount of taxes your estate must pay.
If you are ready to set aside your fears and take the first step in creating an estate plan, call us. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.