Over the years, I’ve talked with many people about estate planning. I also have heard many reasons for not actually creating a plan. This month’s Table Talk blog addresses some of these reasons.
I’m not old enough to create an estate plan
A critical component of an estate plan is a medical directive. Anyone, 18 or older, needs to choose a person to make medical decisions in case of incapacity. A young person might not understand the need for a will, but an estate plan includes other documents that are very valuable, even for the young.
I’m not rich enough to worry about an estate plan
Not having a plan will cause significantly higher costs in the future. Those who feel they don’t have much should create a plan to preserve their assets for loved ones rather than allowing those precious dollars going to attorneys and the government.
I don’t have kids to inherit my possessions
In this situation, an estate plan is even more important. Those who have natural heirs will have a clear path for the transfer of assets, but without children, there could be a lot of uncertainty and argument over the proper distribution of possessions.
I’m single with no heirs
Again, an estate plan is even more important. In these situations, there are likely many people and charities that are worthy of your legacy gift. Without a plan, your assets will likely go to people you would not have chosen.
I don’t like attorneys
This is a reasonable point for many reasons, but estate planning attorneys are different in many positive ways. They listen to you and customize a plan according to your wishes. Most people quickly realize they can relax when meeting with their estate planning attorney.
I know there are other hurdles that get in the way, but my role is to help you overcome those challenges. Contact me (email@example.com or 262-677-4051) to set up a time to talk. It’s free, I don’t pry into your personal finances, and I can give you a sense of comfort with the process.
We offer this information because it’s your life – it’s your plan – it’s your legacy.