It has been seen most people spend more time planning a family outing than planning their family’s future.
People actually do not take time to do their estate planning and most will put if off to a later date.
So what is it that makes people put off estate planning?
There could be many reasons for it but below some of the most commonly seen reasons.
People are usually intimidated by lawyers and the legalities involved in estate planning.
That is why it is utmost importance that you find a lawyer you are comfortable with in order to do your estate planning. It is a good thing to ask your lawyer questions.
Your lawyer understands that you do not know the legalities involved and will not think of you as a moron even if you ask something silly.
The other reason people procrastinate is believing that estate planning is a very expensive affair.
However, it need not be expensive if you think of estate planning as an investment. The national average cost of probate is around 5 to 10 percent of the total value of the estate.
A probate is more expensive to settle than a trust. If your estate is valued over $2 million, by having a living trust you can save money on taxes.
Most of us tend to delay estate planning because we do not want to think about dying. We believe that if we do estate planning then we are planning for our death and this is something we do not want to think about.
However, we forget the hardships we will put our families through if we do not do estate planning and of course the losses that will be incurred because of the probate.
Doing estate planning will give you peace of mind knowing that your family would be well taken care of should anything happen to you.
It also insures that your assets are allocated the way you intended. And those decisions are also law binding.
So, why delay?
Remember, estate planning is important and this importance becomes an urgency only when we are faced with a life-threatening situation.
Rather than waiting for something to happen and only then taking action, it is better to act now and do your estate planning.
If something happens and then you think of estate planning, it could be too late for you and your family.