As humans, there are certain things we try to avoid. We push back things that are unpleasant or unhappy and then end up unprepared or having to rush at the last minute. This is especially true when it comes to planning and making an estate plan. Although it’s unpleasant, an estate plan is really important to have. Disability and death plans are something everyone should have, and everyone will need one day. Here are some steps that will help you end your procrastination and get your estate plan done.
An Estate Plan isn’t in my budget right now
The real truth in this scenario is that you can’t afford not to make your estate plan now. In the end, it will be more expensive not to have an estate plan if you become unable to make decisions. For example, if you have children and you become unable to take care of them and you don’t have a chosen guardian, you will end up paying a lot to grant guardianship to someone else. You will end up paying for multiple attorneys, friends and family will have to give statements and go through multiple hearings, and any litigation from guardianship disagreements could end up costing a fortune. This is just one of the costly aspects of not having an estate plan.
I’m too young to worry about and Estate Plan
While most of us will go on to live long, normal lives, you never know what can happen tomorrow. An estate plan not only takes care of you and your family after your life, but also takes care of you during your lifetime. Estate plans grant permission to people to make decisions for you when you are unable to make them yourself. If you are 18 or older, you need an estate plan.
I don’t own enough assets to need an Estate Plan
As stated above, an Estate plan isn’t just used to distribute assets after you pass away. It is your way of making decisions about every aspect of your life if you become unable to, from healthcare to child care. It can also have instructions for things like digital assets like your phone, computer, photos, music, audiobooks and more.
In the end, you just have to do it. Speak to a lawyer about putting together your estate plan and then rest with peace of mind that your affairs will be in order if something unexpected happens.