Why You Might Not Have an Estate Plan
Confronting one’s mortality is rarely easy, but with the right guidance, estate planning does not have to be a difficult process. Don’t ignore the important function it serves when it comes to providing financial and emotional security for your family. Making estate plans shouldn’t be put off, but there are a variety of reasons why folks tend delay creating their own plans in a timely fashion.
If you see yourself in any of these categories, rest assured that there are trained estate planning experts who can help guide you through this very important legal process.
Reason #1: Intimidation
Nearly every adult feels some intimidation towards the estate planning process and in many ways, those feelings are justified. Mortality itself is intimidating and estate planning requires an individual to confront it. However, making an estate plan is an important step in adulthood that represents a commitment to one’s family regarding how you will care for them if you are personally unable to do so.
Many people are intimidated by the overwhelming amount of paperwork and choices that may be necessary to complete an estate plan. The good news is that most estate planning experts use a specialized questionnaire to streamline and simplify the process. These questionnaires lead you through the process step by step and allow your estate planner to do the heavy lifting for you.
While the ball is in your court when it comes to picking an Executor or Healthcare Agent, that decision is better made well before its implementation is necessary.
Reason #2: Too Young
Many adults feel that they are too young to be filling out such keystone documents such as a Will or Power of Attorney. The truth is, every adult with any assets or liabilities should have an estate plan drawn up, in case unforeseen circumstances require their implementation. Health complications can arise even in healthy young people, so it’s never too early to have these plans in place.
This necessity is doubled for adults with children. While many new parents can get caught up in the hustle and bustle of raising children, they should take time soon after having their first child to draw up an estate plan designed specifically to ensure their child is properly cared for with guardians and careers of the parents’ choosing and not someone appointed by a judge.
Reason #3: “It’s Only for The Wealthy”
While the estate planning conjures up images of an expansive home on a massive plot of land, an estate plan is applicable to adults in every economic class. If you have any type of noteworthy assets – even an asset with only strong sentimental value – then you have enough physical wealth to necessitate the implementation of an estate plan.
In short, if you have something worth protecting and passing on, then you have all the reason you could need for an estate plan.
Reason #4: Unsure Who to Contact
Finding the right attorney to draw up your estate plan can be a challenge, especially when it comes to cost versus benefits. That’s where the team at SLN Law comes in. Their team of trained estate planning experts will help you make and fulfill important estate planning goals, ensuring that every legal safeguard is implemented to protect your assets and ensure they are delivered safely into your family’s hands.
slnlaw is a law firm in Sharon Massachusetts providing business, employment law and estate planning services to individuals and small businesses