Why Do People Put Off Estate Planning?

Most adults know the importance of estate planning. Still, fewer than 30 percent of individuals have an actual plan in place. So, where is the disconnect? Why do so few people have an estate plan if they understand how important it is? Truthfully, there are many reasons people procrastinate estate planning. Below, our Tampa estate planning lawyer outlines some of the most common of these.

Feeling Awkward About Talking About Death

No one wants to talk about, or perhaps even think about, when they will pass away. It is true that estate planning largely revolves around what will happen upon your death. However, your estate plan will affect the lives of your loved ones. Without updated estate planning documents, your relatives may be left wondering how to settle your estate. Lawsuits may even be filed, or family conflicts may be rekindled. A valid will or trust can ensure that your estate will be easier to settle.

Your estate plan will not only protect your loved ones during their lifetime, but it can also protect you during yours. A power of attorney can ensure that your wishes are fulfilled in the event that you become incapacitated and cannot make these decisions for yourself. A buy-sell agreement can ensure that your business continues operating in the event that you are unable to manage it yourself.

I Do Not Have Enough Property

Many people think that estate planning is only for the wealthy but this is not true. Even those with just a bank account or a vehicle have property that must be distributed upon their death. It is critical that you ensure it is distributed in the manner you choose, and not according to state law.

In addition to this, estate planning does far more than just distribute your property. It can name a guardian for your minor children and a personal representative for your estate, and include tax reduction strategies that can minimize the tax impact on your beneficiaries.

I Am Too Busy

It is true that people are busier than ever these days, and the tasks you accomplish every day are important. However, before delaying estate planning any longer, remember that it brings the following benefits:

Provides your loved ones with thoughtful guidance
Helps your family avoid making hard decisions
Reduce legal fees and other costs associated with settling an estate
Safeguard your property and protect your family’s future
Inform your family and medical providers about the medical treatments you do and do not want

For anyone 18 years of age or older that owns any type of property, estate planning is one of the most important things you can do and it is definitely worth making time for.

I Do Not Have Time to Meet with an Estate Planning Lawyer in Tampa

Many people think that planning an estate can take days, weeks, or even months. This is a common misconception. At Messina Law Group, P.A., our Tampa estate planning lawyer helps our clients plan for their estate in an efficient matter which can be just a few hours, even for very complex estates. Call us today at (813) 492-7798 or contact us online to schedule a consultation and to get the legal help you need.

Source:

thinkadvisor.com/2024/04/23/only-26-of-americans-have-an-estate-plan/