Are you confused or not know what to do about estate planning? Unfortunately, many people don’t know the value or importance of estate planning. Most admit it’s something they need to do, but they keep putting it off.
Why is this happening?
Here are the top three reasons why people procrastinate about Estate Planning:
1. “I don’t have the money” or “it’s expensive.” However, if you don’t have an estate plan, the “intestate” process will end up costing your loved ones much more in the future than it would cost to plan today. If you own assets in your name and you become incapacitated due to illness or injury, you will likely be placed in a court guardianship. This process does not replace probate when you die; this means that your family will have to go through the court system again, and that means more expenses and less money for your loved ones.
2. Estate planning is just for old people or wealthy people. The truth is that estate planning is for everyone. Young people think they are going to live forever, but they need to be aware that any of us can become incapacitated or die due to an illness, injury, accident or random act of violence. Planning is especially important for families that have minor children to leave instructions for their care.
3. My family is close and will not fight over their inheritance when I pass away. Unfortunately, when it comes to inheritances, even the closest families fall victim to petty disagreements, hostilities and jealousies that can cause the estate administration process to drag on for years through the court system.
Why do you need an Estate Plan?
1.- To make sure your assets go to the people you want with the least amount of delay, hassle and expense.
2.- To keep your family from having to deal with the courts if you become incapacitated and when you die.
3.- To let your family know that you care about them; that you want to provide for and protect them.
**If you would like more information regarding these issues, please feel free to contact us! **