Why People Tend to Procrastinate About Estate Planning

August 27, 2017 Victor Medina Estate Planning 0 Comments

Too many people haven’t participated at all in any estate planning. Although they’ll admit easily that it’s something that they need to do, it keeps getting put off. Some of the most common reasons why people procrastinate about estate planning include:ThinkstockPhotos-545810542

They are under the perception that they do not own enough and that estate planning is only for wealthy individuals.

The cost of probate and court guardianship can typically take a bigger percentage from smaller estates than from larger ones, highlighting that it’s important to plan in advance.

It’s expensive. Not doing anything could actually cost your loved ones much more than it would cost you to plan now.

I don’t know what to do. Indecision and uncertainty can be paralyzing for someone who should be accomplishing their estate planning. Finding a professional estate planning attorney is one thing you can do ensure that all of your needs are incorporated into your estate plan.

I am not old enough. Many people assume that planning for an estate is something that only needs to be accomplished after a person has reached retirement age. This is not necessarily true, since a disabling event or serious medical issue could affect you much sooner than retirement.

Having your estate planning documents articulate what you want to happen should this occur for you, can make things much easier for you as well as for your loved ones. Ready to update some old documents or create your new estate plan? A lawyer in NJ can help.

 

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