Seven Reasons Why You Avoid Your Estate Planning

Whether we realize it or not, if we fail to plan, we're planning to fail.

In my years of practice, I’ve heard a lot of excuses as to why people avoid estate planning. Before you stop reading, let me address some of them straight on and try to convince you why avoiding your estate plan may not be the best choice for you and your family.

1. “I don’t really have that much, so it’s not important to set up a will.” If it’s not important, why do you work, why do you invest, why do you budget? Of course, estate planning is important, and you probably put it off because it seems like a hassle. But what if I tell you it can be done quickly and inexpensively? Your family deserves to be protected, don’t they?

If you have dependent children at home, estate planning is essentially a necessity. You need to have a plan in place that addresses their care if anything happens to you. This plan needs to take into account not just who would raise your children in the event of your death, but also who would take care of them in the short term if there was an accident, and how you would want them raised by the people you've chosen as guardians.

If you do not have dependent children at home or massive assets in the bank, estate planning is important for you, too. Your estate plan includes documents that ensure health care decisions, business operations, and financial matters are handled in the way you want in the event of an accident.

2. “I’m young, so this stuff is irrelevant to me.” Estate planning may seem like it’s reserved for the older and wealthier of our community, but it’s actually relevant to everyone. Accidents can happen at any time, and those you care about, a mother, a father, a grandfather, aunt or uncle, who have not taken the time to set up protection for themselves and their family, can have serious implications in your own life. If your family members do not have an adequate estate plan, you may be the one that is left with the mess of cleaning up his or her estate.

3. “I have a lot of assets, so it’s going to be a hassle.” If you think it’s going to be a hassle to set up your estate plan now, imagine what it will be like for your loved ones if you become incapacitated or die. I’m sorry to be blunt, but I must nudge you here. If you have significant assets, you should begin your estate planning immediately. There is no time to waste. None of us knows how much time we have left. Putting this off can have catastrophic consequences for your friends, family, and business associates.

4. “My personal situation is complicated.” If you think your situation is complicated and will involve tough decisions (for instance, children from multiple messages, ex-spouses, and so on), imagine what it will be like to have your estate go through probate. The probate court, with its public record and slow-moving procedure, will make the tough decisions for you without the benefit of your input. Remember, failing to create an estate plan doesn’t mean you don’t have one. It just means you have the one the state assigns to you (in the form of intestacy laws).

5. “I don’t even know what probate is, and why should I care? I’ll be dead.” Probate is the process the court uses to establish to the validity of a will, if there is one, and to recognize the executor. If there is no will, the court will appoint an administrator of its choosing to handle the affairs required by probate. Sure, you may be gone by the time your estate planning matters, but the decisions you make now will have a profound impact on the ones you love.

6. “I completed my will a few years ago. I’m all set.” If you already have a will, trust, health care directive and/or power of attorney in place, you may think you are set for life.

The reality? Not so.

Estate planning documents by themselves are meaningless to your family if they are not kept up to date throughout your lifetime. Major life events and changes in the law can dramatically shift the efficacy of your estate plan. Check out our blog post on this topic to learn more.

7. “I can’t afford to plan.” The last reason you may be avoiding meeting with an estate planning attorney is that you think you cannot afford to plan. That may or may not be true. Don’t make any pre-judgments. At Stewart + Gordon, your initial estate planning consultation meeting is free, so you don’t have to worry about whether you can afford it.

If it turns out you do need to plan, we will work together to make planning affordable for you and your family.

If you do not need to plan, you can simply leave the meeting feeling great about having done everything you can to make sure things will be as easy as possible for your loved ones if and when something happens to you.

Stewart + Gordon is Here to Help

If you have been putting off estate planning for a rainy day, here’s your chance! At Stewart + Gordon, we have an open door policy. We want our clients (or anyone who wishes to learn) to fully understand their options and the implications of their chosen estate plan. Reach out to our office at 303-337-2400 to set up an appointment today!