Roughly half of Americans will pass away without estate plans even if they know they should have one. Why do people not make plans they know they should make?
You have heard time and time again that if you do not have an estate plan, then you do not get to decide what happens to your property after you pass away. Who gets what will be determined by state laws. You also do not get a say in who should look after your minor children. That will be determined at the sole discretion of a court.
Most people are aware of these facts and know that they should do some formal estate planning because of them.
However, only about half of Americans ever bother to do that estate planning. Too many people pass away having constantly thought they could always wait to plan their estates. They ended up waiting until it was too late.
The Sabetha Herald recently discussed why people put estate planning off in "Procrastination Factor -- Why we avoid any estate planning."
The biggest reason is that many people would prefer not to think about their own deaths. To begin the estate planning process you need to contemplate a time when you will no longer be alive and that is an uncomfortable thing to think about. Another big reason is that family members often discourage people from estate planning. They would rather not think about a time when their loved ones will no longer be around.
The problem is that death is unavoidable.
You should not let uncomfortable thoughts stop you from taking the necessary steps to prepare. In fact, if you visit an experienced estate planning attorney, you will probably find that planning for your estate is not nearly as uncomfortable as you imagine it to be.
If you would like to discuss setting up your estate plan with an experienced attorney at Simmons & Schiavo, LLP, call (781) 397-1700 or visit our contact us webpage.
Reference: Sabetha Herald (Nov. 14, 2016) "Procrastination Factor -- Why we avoid any estate planning."