Stop Procrastinating: Secure Your Family's Future with an Estate Plan

What's Stopping You From Creating an Estate Plan?

Estate planning is a critical step towards safeguarding your family's future and ensuring that your assets are handled as per your wishes. Yet, many individuals delay or neglect this essential task, despite the potential consequences. In this guide, we'll explore the common reasons people put it off, as well as the very real risks you face if you continue to do so.

Why You Don't Have an Estate Plan

While every situation is unique, there are common reasons people hesitate to create an estate plan:
1. Perceived Lack of Urgency:

• Some individuals believe that estate planning is unnecessary when they are young and healthy. However, addressing it early can prevent family crises later on, especially for blended families.

2. Belief it's Only for the Wealthy:

• Estate planning isn't exclusive to the wealthy. Regardless of your financial status, you have assets and desires for their distribution. If you have minor children, a plan is crucial.

3. Concerns About Costs:

• Cost considerations often deter individuals from estate planning. Yet, the expenses of probate without a will and potential estate taxes can far outweigh the cost of setting up a plan.

4. Time Constraints:

• Busy schedules can lead to procrastination. The good news is that once you take the initial step to hire an attorney, most of the work is handled by professionals.

5. Trusting the Right Professional:

• Choosing an estate planning lawyer is a significant decision. While it may feel overwhelming, finding a trustworthy attorney is essential. Utilizing resources like Avvo.com and Google reviews can help you make an informed choice.

The Dangers of Procrastinating on Your Estate Plan

Procrastination is a common human tendency, and when it comes to estate planning, it's no different. However, understanding the potential dangers of procrastination is crucial to motivate action. Here's why delaying your estate plan can have costly and adverse consequences:
1. Family Uncertainty:

• Without a clear estate plan, your loved ones may be left in the dark about your wishes. This uncertainty can lead to confusion, disputes, and unnecessary stress during an already challenging time.

2. Probate Costs:

• When you pass away without a will (intestate), your assets typically go through the probate process. Probate can be time-consuming and costly, with fees that can range from 3% to 8% of the total estate value. These expenses are paid from your assets, reducing the inheritance for your heirs.

3. Asset Distribution:

• Without a will or trust, your assets will be distributed according to state intestacy laws, which may not align with your desires. This can result in assets going to unintended beneficiaries or being divided in a way you wouldn't have chosen.

4. Minor Children:

• If you have minor children, estate planning is crucial for naming a guardian to care for them in your absence. Without a plan, the court may appoint a guardian without considering your preferences.

5. Estate Taxes:

• Depending on your estate's value, it may be subject to federal or state estate taxes. Proactive estate planning can help minimize or eliminate these tax burdens. Without a plan, your estate may incur unnecessary tax liabilities, reducing the inheritance for your heirs.

6. Family Conflict:

• Lack of clarity and guidance in your estate plan can lead to disagreements among family members. This can strain relationships and result in costly legal battles.

7. Missed Opportunities:

• Estate planning isn't just about distributing assets; it's about optimizing your legacy. Delaying your plan means missing opportunities to protect your assets, support charitable causes, or provide for future generations.

8. Unexpected Events:

• Life is unpredictable. Unexpected accidents or illnesses can occur at any time. By procrastinating on estate planning, you risk leaving your loved ones unprepared in the event of an emergency.

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How Our Estate Planning Lawyers Can Help

At slnlaw, we specialize in helping individuals overcome procrastination and create effective estate plans. Our experienced team is here to simplify the process and ensure your family's peace of mind.  You can use the button below to schedule a free information call, or simply give us a call at  781-784-2322.

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