Estate planning is crucial, as it allows one to protect their assets and state their wishes upon incapacitation or death. So, why do some people avoid drafting an estate plan?
Here are three reasons:
“Estate planning jinxes one’s life”
Superstitions are not uncommon in estate planning. Since it primarily prepares for incapacitation and death, some people believe drafting an estate plan can jinx their lives. In turn, they avoid it altogether.
However, estate planning offers protection. It’s similar to purchasing car insurance. You don’t want to be involved in an accident, but if it happens, you will be covered.
An estate plan ensures the assets you worked hard to acquire benefit your loved ones as intended. And it ensures your wishes are fulfilled.
“It’s complicated”
Some people believe estate planning is complicated. Accordingly, they keep postponing drafting a plan. While some aspects of estate planning, including tax laws and terminologies can be difficult, you can get help from professionals.
An attorney can help you understand the laws and draft your documents. A financial advisor can help you develop strategies for distributing your assets. A tax professional can help you reduce your tax liabilities and so on.
Additionally, the advancement of technology has made estate planning more manageable. For example, you can manage all your finances in one platform, making it easier for you and your loved ones.
“I’m too busy”
Some people claim they are too busy to draft an estate plan. But this can be solved by starting earlier. You don’t need to own assets worth millions or have a family to create an estate plan. Start now and update your documents when circumstances in your life change. That way, you will have fewer documents to gather and important decisions to make.
Postponing estate planning is risky. Consider legal guidance to understand the steps to take.