Common Estate Planning Excuses and How to Avoid Them
“Santa is having a tough time this year. Last year he deducted eight billion for gifts, and the IRS wants an itemized list.” – Milton Berle
Based on every statistic I’ve seen, the majority of Americans don’t want anything to do with estate planning or the perceived headaches that come with it. It’s understandable why most people balk at conversations likely to include topics like death, taxes, lawyers, and court decisions.
Here are some of the excuses I’ve heard from people about why they don’t have an estate plan:
- “I don’t have any assets, and just a whole bunch of debt.”
- “Isn’t that just for rich, older people?”
- “I don’t need a will, my wife and kids are going to inherit everything I own. My wife can take care of it.”
- “Getting a will made for myself is too expensive and time consuming.”
- “If I talk too much about it, I might jinx myself.”
Yet, everyone over 18-years old, regardless of age, debts, assets, and marital status should have an estate plan in place. (Here are the six “must have” estate planning documents you can focus on initially.) In the beginning it may feel uncomfortable talking about the details of your estate plan. But, there is deep and lasting peace of mind in knowing that there is a plan in place in the event of your disability or even untimely death, which far outweighs any discomfort.
So, cast off all excuses by embracing the benefits of having a strong estate plan in place. The benefits include, but are certainly not limited to, peace of mind, financial security for your family, established guardianships for your children, reducing taxes, fees, and costs, and saving your family and friends untold time, trouble, and heartbreak. Start your estate plan today.