Even with the numerous blogs and post online and advise of attorneys offline about the importance of estate planning, most people still haven’t done theirs. Some persons still don’t realize the benefits of estate planning. Some of its benefits include
- It can save your family a whole lot of stress and trouble of hiring lawyers concerning your estate if something should happen to you.
- It could also save your estate from going through the probate process while you are gone.
- When you properly plan your estate, at your death your assets will be easily accessible by your family members.
- Estate planning can also help your family reduce or avoid payable taxes on your inheritance. It also give you the opportunity to make all the necessary provisions for your minor
There are other persons who agree to the importance and relevance of estate planning but for one reason or the other they keep postponing it. There are different reasons why people procrastinate planning their estate. Some of the reasons are listed below.
Financial Involvement
This is a very big limiting factor for most people. They fear the cost involved in estate planning but the truth is that the consequences outweigh the financial cost. For instance, if you die without an estate plan, you will expose your heirs to many expenses which might even be more than what you would spend in planning your estate now that you are alive. They will have to pay attorney’s fees and all that.
Apart from what it will cost your heirs after your death, your estate will have to go through the probate process. Probate is a process by which the court decides how your estate will be shared among your heirs. This can be a very tedious and stressful task for your heirs. And of course it will still require spending. One downside of probate is that the process might take months and even years and this will make it difficult for your heirs to easily access your assets. It means they –your heirs – will need to request a part of your estate for their upkeep from the court and this can be really embarrassing.
You can approach a reasonable attorney who will help you plan your estate for a less expensive amount and you can gradually settle him.
Age
Many people put off estate planning with the excuse that they are still very young and have their life way ahead of them. Experts advise that once you are an adult and you have heirs and something to leave behind for them, you should plan your estate. Apart from this reason, incapacitation is another serious reason why you shouldn’t think you are too young to plan your estate.
The idea that time is still very much available for one to plan their estate can be of huge consequences. For instance, in case you ever become incapacitated, you will need someone who will be representing your interest in areas of finance, medical care, etc. if you do not have provisions for all these through your estate plan then the state will be in charge of deciding who will play these roles. So it is very important you start planning your estate today.
I am not among the wealthy class
This is a very huge mistake people make. They think they have to be very wealthy for them to plan their estate. This idea is wrong. Estate planning is just as important to any other class in the society as it is important to the wealthy. You do not need to own a Lamborghini ride before you will plan your estate neither do you have to own a private jet for you to plan your estate. In as much as you own an asset that could go through the probate process, then you should plan your estate.
It is confusing and complicated
Estate planning could seem confusing to the uninitiated. This could be a discouraging factor to many people. In order to make it less confusing you should
- Carry out a personal research on estate planning. Go online, read articles about it and get yourself equipped with relevant information.
- You should employ the expertise of a professional. An attorney and estate planner will guard you through the necessary steps to plan your estate easily and avoid complications. Reach out to our attorneys today for professional consultation and hire.
