Most people know that getting an estate plan is essential. However, for some reason many people fail to actually get their estate plan drawn up. This can be dangerous for their estate, their wealth and their family. Here are a couple reasons why people put off getting an estate plan, and how to avoid falling into the same trap.
1. "An Estate Plan Is Too Expensive"
One common reason that people hold off getting an estate plan is that they think they can't afford it. They worry that buying the plan will cost them too much money, and it will just be cheaper if they pass away with a will and trusts. This is a dangerous idea. If you don't have an estate plan your estate will go through probate. This is a very expensive process, which will cost a great deal of money in taxes and fees. In fact, the amount of taxes alone that you will pay will be far more than what you would have paid an attorney to have everything drawn up.
When you meet with a skilled attorney, such as Auton-Beck Betty A Professional Law Corporation, they will draw up a plan for you that will help to protect you assets from taxes. They can get everything in it's proper place so that when you pass away your estate passes directly to your descendents without being overtaxed and without having to pay a great deal of legal fees.
Most attorneys have deals and options for giving you an estate plan at a great cost. If needed you can talk to the attorney about making payments, or waiting until they have a special going on. This will save you money.
2. "I Am Not Dying Anytime Soon"
That is great that you believe that you won't be dying soon. Let's hope that this is the case. However, people don't choose the time or circumstances of their death. You can never be sure that you are completely healthy or protected. You might be the victim of some freak accident, which is why it is so important that you make sure that you have a plan for your family.
If you have minor children you should never be without an estate plan. Naturally people don't want to deal with their own mortality, but your child will be in a world of hurt if you don't have an estate plan that states who will care for them if something should happen to you.
Obviously, you can't predict the future, which is why it is very important that you get an estate plan right away.