Deep down, you and your family know how important estate planning is. You have talked about it at the dinner table — albeit briefly. You have read a few brochures and blog posts over the years and thought, “We really need to get our act together.” You may have even scheduled a consultation with one of our compassionate lawyers. And yet, you keep delaying your estate planning for another day.
We understand. We also want you to know that you are not alone. While plenty of people have taken the leap and set up a will or trust, there are just as many and possibly more who have not. And they tend to delay for all the same reasons you are.
6 Common Reasons People Delay Their Estate Planning
- They think it does not apply to them — Many people assume incorrectly that estate planning is only for the rich. You know … people with a mansion on the hill, a couple of Swiss bank accounts, and a butler. The reality is that we all have an estate. Are some people’s estates bigger than others? Absolutely. But that does not make yours less important. Estate planning puts your affairs in order, so you have peace of mind knowing your loved ones are protected and can carry out your wishes once you are gone.
- They are scared — We get it; death is the last thing anyone wants to discuss. And right up there next to it is making plans for the day you can no longer make decisions for yourself. All of it is depressing, overwhelming, and even a little scary. This is why most people prefer to delay their estate planning. But is it not more scary to think about what might happen to your kids, loved ones, and assets if you do nothing? At Leigh Hilton PLLC in Denton, TX, we help individuals and families understand the importance of estate planning and create a unique plan to pass their wealth, wisdom, and values to loved ones as efficiently as possible.
- They think they are too young — Look at any estate planning brochure or website, and you are bound to see an elderly couple sitting with an attorney at their kitchen table. That alone makes someone think they can delay their estate planning. But even if you are in your 20s, you should be planning now for incapacity or death, just in case. Failing to have a simple will in place often results in a mess for the loved ones you will one day leave behind. Hopefully, that day is a long, long, long time from now. But you get our point.
- Difficulty making decisions — Another common reason people delay their estate planning is that they struggle to make key decisions covering everything from beneficiaries to how assets should be divided, who will act as your child’s guardian, and who will handle end-of-life decisions, financial matters, and more. There is no denying that estate planning involves many important decisions, but the reality is that you have a firm like ours to guide you along the way.
- Estate planning is expensive — Yes, estate planning can be expensive. But you could say the same about buying a house, getting that nice car you have always wanted, etc. What these items cannot give you that estate planning can is peace of mind.
- They think they have more time — None of us expects to pass away or become disabled tomorrow. There is also no hard and fast deadline to adhere to when it comes to estate planning, so delaying it is much easier. But when it comes to wills and trusts, there is something to be said for taking care of these matters before the unexpected happens. Far too many things in life happen without warning.
In our world, “estate” refers to everything you own – home, cars, boats, furniture, bank accounts, jewelry, life insurance, etc. True estate planning goes beyond possessions and assets, though, and plans for a variety of important factors that may seem too far in the future right now. Having a carefully crafted plan before you pass away or become unable to make your own decisions that goes beyond a “who gets what” set of instructions is a conversation you should have sooner rather than later.
Having total control over how that process plays out is invaluable. Estate planning puts your affairs in order, so you have peace of mind knowing your loved ones can carry out your wishes once you are gone.
Call Leigh Hilton PLLC Today!!
Leigh Hilton PLLC in Denton, TX, is your go-to firm for all estate planning needs and will take into consideration your particular situation. Proper planning of an estate helps ensure your wishes are carried out. Leigh Hilton PLLC wants to be your first call every time for any estate planning need. We look forward to serving you.