Overcoming the 3 Reasons We Procrastinate Completing Our Estate Plan
Through decades of experience, our Idaho Estate Planning Attorneys know that there really are 3 main reasons people procrastinate getting their Estate Planning done. Our Estate Planning Lawyers in Idaho understand that when our clients know why they procrastinate their Estate Planning they can overcome any further delay and can focus on getting it done.
Having a wealth of knowledge and hands on experience in helping clients create a customized Estate Plan, our Idaho Estate Planning Lawyers can help you overcome any delays in getting your personal Estate Planning completed. Creating a customized Estate Plan protects each client during their lifetime. It also allows our clients to distribute their money, property and possessions to the family and friends they choose. Our partners Randy Budge and Lane Erickson, and our attorneys Nathan Palmer and Dave Bagley create our knowledgeable and experienced Estate Planning team. We have received the highest ratings from Martindale and Hubbell, AVVO and Justia and are confident that we can help you.
So what are the main reasons we’ve found that individuals procrastinate completing their Estate Plan? The three main reasons are listed below.1. Estate Planning is too Expensive: False
Many people believe that getting a simple estate plan completed is just too expensive. A basic estate plan consists of 4 documents which include: a Last Will and Testament, a Durable Power of Attorney, a Living Will and a Durable Health Care Power of Attorney. The reality is, it is far more expensive to not have a basic estate plan in place if you need it and don’t have it.
Having the powers of attorney listed above are a good example. Every adult has a right to make decisions about their own finances, property, and healthcare. However, if they suddenly became unable to make these decisions, because they become mentally or physically incapacitated through a stroke, Alzheimer’s or some other illness or injury, then there would be a problem. The only way that these things could be done after a becomes incapacitated is if the courts appoint a legal guardian for them.
Guardianship proceedings require filings with the court, involvement of at least two attorneys, and often testimony from family, friends and medical and or health care providers. Essentially the family will have to go through a hearing process before the court will make a decision about who the person’s legal guardian will be. The costs of a legal guardianship are easily 2 to 3 times more than the costs of getting a simple estate plan done. This is true even if the family all agrees about who should be appointed. However, if there is a disagreement or a fight about who should be appointed, the litigation involved in the guardianship proceeding could cost thousands of dollars.
Completing an estate plan is an investment that could save thousands of dollars later. We understand this. We work with all of our clients to complete their customized estate plan for a reasonable flat fee cost.2. I am too Young to Need Estate Planning: False
Another reason people procrastinate getting their estate planning done is that they believe that because they are young they don’t need an Estate Plan. Again, this is simply not true. If you are over the age of 18 which the laws state makes you a legal adult, then you need an Estate Plan.
As is pointed out above, Estate Planning is not just about giving your stuff away. Estate Planning mostly involves creating a plan that will protect and take care of you during your lifetime. An important reason for getting an Estate Plan done is so that you can name people who will make decisions for you during your lifetime if you suddenly become unable to make those decisions for yourself. Essentially it gives you the ability to plan for your own future rather than leaving those decisions up to others.
Additional even if you are young, you may have a family of your own. If you have a spouse or minor children, then getting an Estate Plan completed is vitally important. Estate planning provides a way for you to name Guardians for your own minor children in the event both you and your spouse die. Because you have an opportunity to make your own specific wishes known you have an opportunity to greatly lessen the chances of your families fighting over who should care for your children. You also have an opportunity to create a plan that will benefit your minor children financially while they are young, ensuring that they will have opportunities for education, to have proper health care, and to provide for their basic needs.3. I Don’t own Enough Assets to Need Estate Planning: False
Yet another reason people procrastinate getting their Estate Planning done is because they believe that they don’t own any assets or money and therefore don’t need and estate plan. Most people believe that Estate Planning really is only for rich people who own lots of lands or stuff. This couldn’t be further from the truth. As I described above, Estate Planning provides the opportunity for you to plan for your own living and/or health care needs, and to have a plan in place for your spouse and minor children in the event you die. The very last thing Estate Planning does is transfer your property to others.
Frankly, Estate Planning is necessary for everybody. You are never too young and you never have too few assets for a customized Estate Plan to be created for you. More importantly, failing to complete your Estate Planning could be very expensive for your family down the road. The very best thing you can do is to get your Estate Planning done now!Enlist an Idaho Estate Planning Attorney to Help You
Our knowledgeable Estate Planning attorneys at the Racine Law Office are here to help you and your family. Do no procrastinate getting your own customized Estate Plan or are an Estate Plan for a loved one. We are available to discuss your options and answer your questions at an initial consultation. Call us toll free at 877.232.6101 or 208.232.6101 for a consultation with the Racine Olson team of Estate Planning attorneys in Idaho. You can also email us directly at email@example.com. We will answer your Idaho Estate Planning questions and will help you solve your Idaho Estate Planning problems.