Top 10 Reasons You Should Avoid Estate Planning…

Recently I was contemplating why folks avoid estate planning. There seem to be no shortage of reasons to put off what may be the most important and impactful legal planning we ever do to protect ourselves during our lives and our loved ones once we are gone. I realize that talking about wills and healthcare directives isn’t exactly sexy stuff… But why exactly do we avoid thinking about our legacy and what will happen to our loved ones after we are gone?

If you’re a Gen X‘er like me, I’m sure you’ll remember David Letterman’s famous “Top 10 lists”. So I thought it might be helpful to put together my own “Top 10 Reasons You Should Avoid Estate Planning” and maybe help you overcome some of the obstacles causing you to avoid estate planning < Drumroll, please…>

Top 10 Reasons You Should Avoid Estate Planning

10. Since “the incident” I rarely go skydiving, anymore…

Even if you don’t consider yourself a daredevil, none of us are promised tomorrow. With estate planning, you have to act BEFORE bad things happen. Because when the time comes, you often won’t have the time or capacity to make these decisions. And if your loved ones aren’t empowered to make decisions for you it may be left up to the State to decide.

9. I can’t decide who should get my taxidermy collection.

Decisions and choices are difficult sometimes. An estate plan is not etched in stone, but a living document. I tell my clients to plan for if something happened in the next three years– I offer complimentary reviews every three years and changes are easy to make once I know your situation and goals.

8. FIFTY-FIVE is the NEW THIRTY FIVE. Am I right?!?

Some people think that an estate plan is something we need when we are “old”. But we can all probably recall stories in our families, our friend networks, or what we hear on the news about untimely passings and severe, life-changing accidents or health conditions. It’s never too early to be prepared.

7. No Kids. No Worries.

Actually for people without kids, planning can be especially important– especially for any potential incapacity. Who will make your healthcare decisions and pay your bills if you are no longer able? And when you have passed, perhaps you want your assets go to specific people or charities that are outside your lines of heirship.

6. If I don’t think about it, it probably won’t happen.

It’s perfectly normal to want to put off making these decisions. But denial never helped anyone get ahead. In this case it will certainly leave you well behind. The only thing not addressing it will get you (and your loved ones) is more headaches in the long run.

5. If I’m not here why should I care?

If you’re not here someone will have to pick up the pieces. And if you haven’t made any plans the State will make plans for you, and your loved ones may have to spend countless hours and money to go through probate. This can easily be avoided by creating a Living Trust before you need it.

4.Not sure I’m ready for “adulting”.

That’s too bad, because “adulting” is ready for you. All joking aside, I can report 100% of my clients feel a sense of relief and peace of mind when signing their documents. That is because when you do the hard things of adulting, it actually feels more empowering to tackle your responsibilities head-on, rather than continue to dwell in the avoidance and dread. Once you have a plan in place, it is a huge feeling of accomplishment.

3. <Insert Bad Lawyer Joke Here>

Haha. We all know a few good lawyer jokes. Did you hear the one about the attorney who walked into a bar with a chicken under each arm…? But seriously, you want a skilled professional doing this stuff. There are myriad pitfalls and unforeseen obstacles that only an experienced Estate Planning Attorney can help you safely navigate. Estate planning can touch on estate law, real estate law, tax law and even business law. You need a professional to help you understand the implications of your decisions on many different areas and intersections of law.

2. What the heck is an Estate Plan anyway?

An estate plan is a collection of documents that detail how your assets and belongings will be dealt with after your passing. It also includes powers of attorney, healthcare and memorial instructions, and provisions to protect your wishes during illness or incapacity.

1. I DIDN’T WIN THE $1.3 BILLION POWERBALL

Keep on playing. Maybe next time… But until then, let me be clear – estate planning isn’t something that only “rich” people should do. We all need it. If you have people who care about you and whom you care about, then estate planning is for you–and them. Protect yourself and your loved ones.

But Seriously, Folks…

There’s a lot to unpack in my snarky Top 10 list above. But needless to say, the overarching theme I hear from most people is they simply think estate planning doesn’t apply to them. Or even if it might apply to them, they’ll get to it later… Whether it be the former skydiver who thinks their life isn’t all that risky (anymore), or the person who thinks they’ll live forever, the indecisive taxidermy collector or failed lottery player who thinks they aren’t (yet) rich enough to warrant estate planning. Nothing could be further from the truth.

Whatever your reason for avoiding estate planning I’m sure I can help you overcome them. Schedule a 15-minute consultation with me today. There’s no cost you, and I am happy to help you protect your future, and the future you’ve planned for your loved ones.