You are sitting in the bar one evening when a friend mentions he has been making his estate plan. You look at him, amazed. “You’ve been what?” you say, “Why would you bother doing that? You sound like my grandad.”
Many people mistakenly believe estate planning is not for them. These are some of the reasons people think they can put it off for another day:
- I’m too young: Many people believe estate planning is only for older people, yet it is not. It is something that every adult should do because life is unpredictable, and you never know when you will need to use yours.
- I have nothing to leave: Another popular misconception is that you need to be rich to bother planning your estate. While those for wealthy people are usually more complicated, almost all of us have some assets.
- I do not want to commit myself: As you go through life, your situation will change. Estate plans can be changed too. You should revisit your estate plan every couple of years, and make any necessary updates to keep it current.
- I do not care what happens when I die: You do not need to die for your estate plan to be of use, and it is not only those you leave behind that can benefit from one. As part of your advance planning, you should include healthcare directives to determine what will happen if you are injured and unable to speak for yourself.
Contact an estate planning attorney if you wish to learn more about how you can plan for your future. Maybe your friend was not so daft after all