Even though a majority of individuals understand the importance of having a will, very few people follow through and create an estate plan. Just like you use seat belts and smoke detectors to protect your family from harm, a will is a tool that protects their financial safety.
Too many people cling to illogical excuses to avoid estate planning.
1. It is too expensive.
Many people believe that developing an estate plan complete with a will, healthcare proxy, power of attorney and revocable trust will cost too much. However, compared to the tax payments required after your death, an estate plan is a wise investment that could minimize the tax liabilities.
2. It is too complicated.
In hopes of avoiding facing the details or working through too much paperwork, many people put off estate planning because they do not know where to start. Even though there is a process and certain documents required by the state, drawing up a will is not as difficult as people assume.
3. It will not really matter in the end.
Many people are unaware of what happens to their assets once they pass on, which is one reason why they spend little time preparing for the event. It does not matter how wealthy an individual is, dying without a will means the state determines what happens to everything you own when you die.
If you stop and consider the process of estate planning in light of the impact it has on your family, these excuses become obsolete. Take the first step and determine to make a plan.