You know that making an estate plan is an important part of your family‘s future. You want to prevent estate disputes by giving your beneficiaries some direction. You also want to create a plan that helps your family as you pass your wealth and assets to the next generation.
If so, you may be surprised to find out that most people don’t actually have an estate plan in place. Many of them understand the importance of creating a plan, but they have never done so. What are some of the reasons that they neglect this important type of planning?
Putting it off for the future
Many people believe that they need to accumulate more assets before they make an estate plan. As such, they put it off for the future, anticipating that they will make a plan after they are more advanced in their career. But estate planning can be done at any asset level
Not knowing where to start
Another common issue is just that people don’t know what paperwork they need, where to file it or how to get the legal process underway. This is why it can sometimes help to work with an experienced legal team. If all that’s holding you back is not knowing where to start, estate planning may be easy once you get it underway.
Believing they can do it later
Finally, one of the top reasons that people put it off is just that they believe they can make their plan once they’re older. Maybe they plan to draft a will after they retire or if they’re diagnosed with a serious disease. But the risk here is that they would be left without a plan in the event of an unexpected passing.
Are you thinking about making an estate plan this year? If so, take the time to carefully consider your legal options.
