Top 5 Excuses For Avoiding Estate Planning

Top 5 Excuses For Avoiding Estate Planning

It is vital to understand that every adult needs estate planning. While people make many excuses for putting it off, the cost of failing to plan can lead to many negative consequences. Many people neglect estate planning for many reasons, from being too young to worry about estate planning to not having the time. Yet, without an estate plan, you cannot protect your loved ones and beneficiaries from turmoil, conflict, and the stress of spending time in court after your death. Solid estate planning entails careful decision-making and organization, including healthcare directives, beneficiary designation, drafting and execution of legal contracts, and regular review and revisions. To avoid these popular excuses for avoiding estate planning, contact the experienced and compassionate estate planning attorney at Jennifer V. Abelaj Law Firm at 212-328-9568. 

The Top 5 Excuses People Use To Avoid Estate Planning 

There are many reasons that people avoid, delay, or fail to plan an estate altogether.

1. You Think You Are Too Young for an Estate Plan

The most common reason people avoid estate planning is believing they are too young, and that estate planning is only for the elderly. However, everyone needs to prepare for their future and what will happen after they are gone. The best time to prepare and begin estate planning is when a person becomes a legal adult. Many are familiar with the portion of estate planning that involves deciding what will happen to a person’s assets after they are deceased. Yet, an efficient estate plan also means preparing for how loved ones will handle assets if an accident or illness leads to incapacitation.  

The deterioration of mental health can impair a person’s ability to communicate desires with healthcare professionals. In other cases, an unexpected accident can leave a person without the ability to make their own financial or medical decisions. When individuals designate a person to handle tough decisions with their best interest in mind, they know they will receive the quality and type of care they wish to receive. An attorney at Jennifer V. Abelaj Law Firm could help prepare an appropriate estate plan for a younger person, and help them avoid making this specific excuse for avoiding estate planning. 

2. You Think You Do Not Have Enough Assets

A Last Will and Testament (will) may not be necessary for single young adults who do not have children or many assets. However, selecting beneficiaries for life insurance and other intangible assets is crucial. It is also wise for everyone to have a durable and medical power of attorney to designate decision-making authority in the event of an accident or event that limits mental capacity. A living will is also an important estate planning tool for selecting preferences in the case of incapacitation. Finally, establishing solid HIPAA directives will allow those you choose immediate access to private medical records. 

3. You Think Estate Planning is Too Expensive

Many are under the impression that estate planning is expensive and only for the wealthy. Contrary to that belief, a will or other legal contracts and documents are relatively inexpensive. Moreover, fewer assets often mean planning the estate will be less complex, and the expenses to plan will be much lower than those with multiple properties and wealth. 

Estate planning is not too expensive, and ultimately, it should save money in the long run through tax deductions and avoiding the high cost of probate. While there are some fees, the estate holder will need to cover, the benefits of estate planning significantly outweigh the adverse consequences. 

4. You Think Your Heirs Will Handle Everything Peacefully

Everyone likes to believe their family will peacefully handle the distribution of all assets when they are gone. Unfortunately, leaving the heirs to deal with splitting assets and probate often leads to disagreements, fighting amongst family members, and even some losing their inheritance altogether. 

Sadly, this often leads to many internal family problems. When one person ends up controlling  all assets, the money is theirs, and there is no way for other heirs to enforce how they share or spend it legally. There are also issues when the individual with total control has debt. When the assets are in one person’s name, creditors could freeze or take them to pay off outstanding balances. The sound decision is setting up the estate with explicit instructions on splitting the money between heirs and desires on how they spend it in the future. This also gives a person full authority and control in the decision-making process, and peace knowing that their wishes will be followed after their death. 

5. You Think Estate Planning Takes Too Long

Taking the time to plan and prepare now will save time for your loved ones after you pass away. A comprehensive estate plan involves simplifying the legal work now so beneficiaries do not have to in the event of an untimely injury, illness, or death. Preparing an estate plan will save them from enduring a lengthy and costly probate process while they are grieving.

Contact an Experienced Estate Planning Lawyer Today 

A diligent estate planning attorney can help you strategize and prepare an effective plan that protects your legacy and the future of your loved ones. While it is common to put estate planning off or avoid it together, every legal adult should plan and prepare for the future. Carefully planning your estate is the only way to ensure you receive the healthcare you wish to receive if you cannot make important decisions and choose what happens to your assets. For more information on the excuses for avoiding estate planning, and how to overcome them effectively, contact the Jennifer V. Abelaj Law Firm at 212-328-9568. An experienced estate planning lawyer can help answer your questions and work with you to prepare an appropriate and comprehensive estate plan.