Every adult should have an estate plan to protect their legacy and loved ones. But this is not the case. A significant percentage of Americans have not drafted an estate plan. This means many people have not planned for incapacitation or death.
Here are three common reasons people give for not having an estate plan:
“I don’t have enough assets”
Some people believe estate planning is only for the wealthy – people who own properties, businesses, expensive jewelry and so on. However, this is a myth. You should protect your assets regardless of their value. If you die without a will, the court might need to decide how your assets will be distributed, which can lead to misunderstandings among family members.
Outlining how your existing assets should be distributed in an estate plan can substantially protect your family. Besides, you can always update your estate plan when you acquire more assets.
“I don’t want to think about death”
It’s not uncommon for some people to avoid estate planning because they don’t want to think about death or are too superstitious, believing planning for death jinxes their lives. While it’s not motivating to think about mortality, planning for it can save you from stress. You want to have the power to decide what happens to your legacy when you die or even how your funeral should be handled.
Consider shifting your perspective of estate planning from preparing for incapacitation or death to protecting your loved ones.
“It’s too expensive”
The belief that estate planning is too expensive makes some people avoid it altogether. The cost of drafting an estate plan depends on various factors, including the estate’s complexity and attorney fees. However, you can keep the amount within your budget.
If you were procrastinating drafting an estate plan because of any of these reasons or more, learn more about the process to get started.