Most people procrastinate estate planning: Here’s why you shouldn’t
If you ask most people if they have a will or an estate plan, they’ll tell you that they don’t. We’re still at a point, statistically speaking, where the majority of Americans have no plan, despite clearly needing one.
You may find yourself wondering why they do this. Often, they’re merely procrastinating. Some reasons they put it off include:
- They are not sure where to begin.
- They think it’s going to cost a lot of money.
- They are waiting until they are older.
- They don’t think they have enough assets.
- They don’t want to consider end-of-life decisions.
If you have personally considered some of these same reasons, be wary. Procrastinating your estate planning can put your family in a difficult position.
Confusion and disputes come when there are no plans in place
What you must remember is that not having a plan when you pass away causes a lot of confusion for your family. They have to sort everything out on their own. In the best cases, this is a confusing, labor-intensive project at a time when that’s the last thing they want.
Besides that, not having a plan increases the odds of an estate dispute. Decisions are now being made by heirs and siblings, rather than by you. What if one sibling thinks another is trying to use the situation for their own advantage? What if they disagree about what you would have wanted? It can grow every contentious, even when heirs have generally gotten along in recent years.
The best way to avoid all of this is to create an estate plan. Be sure you know what steps you need to take to get yours in place.