Thought about Dying Lately? Most of us don't. However, if a close friend or family member suddenly passes away, this shocking and unexpected event might make you think about death and how fragile our time here really is. Experts say that some people don't have simple wills. There are many reasons people put off estate planning.
Have you signed your will? Is it one of those New Yearâ€™s Resolutions that you just have not yet taken up? If signing your own will is still on your â€œto doâ€ list, then you are in not alone.
A recent article in The Huffington Post, titled â€œWhy We Avoid Estate Planning,â€gives us reasons most of us avoid estate planning:
I just don't have the time. This is kind of a lame excuse â€¦ everybodyâ€™s busy. However, there are some things that are so important you have to take the time to get them doneâ€”like estate planning. At the head of this important task are naming your beneficiaries and an executor.
I don't want to think about dying. Who does? The original article says this is one of the most common reasons people don't create an estate plan with an estate planning attorney. Do this right now while youâ€™re healthy. Think about who will get custody of your minor children, who gets your money, and your funeral arrangements. Some of us donâ€™t like flossing or balancing our checkbook, but itâ€™s the smart thing to do and saves us, let alone our families, avoidable headaches in the future.
I don't understand it. Ok, that sounds like a good reason. But this is no reason to neglect your estate planning. An attorney can examine your estate and educate you on your options. Ok, you may not need a complicated trust, but you certainly should have a will. Do not forget your legal planning for incapacity, too. What if you become incapacitated from an accident, who will pay your bills and make key decisions regarding life support? This really should be simple enough to answer with the help of an attorney.
I don't really have much of an estate. It may not be just about money. Your estate planning attorney can help you with all of the issues. Without a will or a named beneficiary, the probate process can be a nightmare for your survivors.
Whenever someone says they don't have an estate plan I remind them that isn't true. Idaho has one for you as a default. If you want the state to determine what happens to your estate when you die all you have to do is - nothing. So it's really a question of which estate plan you prefer, the one you and your family draw up through thoughtful and open discussion or the one Idaho created? Everyone has an estate and everyone needs to plan.