Not every estate plan comes out successfully, some fail even before they start. Poor estate planning leads to high expenses, misunderstandings, despair and cause rifts between the beneficiaries.
Without proper directives and preparation, families find themselves embroiled in arguments and indecision that is easy to be avoided with some care and foresight. Many people think that all they need is to draft the documents meticulously only for them to find out later that there is more to the process.
Let us look at the barriers you might encounter while planning your succession.
Family Friction
“I was my dad’s favorite, I deserve more!”
This comes top on the list of obstacles that make estate planning a headache to many. If you treat your kids in a different way under your estate plan, then the document will ultimately be contested because the beneficiaries that are discriminated end up believing there was an error during the process.
When you have family issues, seeds of doubt are planted in the beneficiaries and this causes unnecessary friction. Without proper direction, suspicion can become a huge issue. Seek the professional services of an estate planning lawyer to get a solution to your feuds early enough.Perfection
“I am still working on it.”
Many people believe that they cannot come up with a plan till they have everything lined up perfectly. What you need to do instead is to try and come up with a draft and then work on making it perfect. Come up with the best estate plan that defines the current circumstances, and then edit it as things change with time.
Estate planning isn’t exclusive for the wealthy – in fact, very few wealthy people are in probate court seeking solutions, instead, it is people like you and me.
Remember that the court steps in to handle the succession dispute regardless of how much you own. At times the estate matures when we pass on, and if you don’t have a will in place, your family won’t enjoy the estate at all.
So, the earlier you begin your estate plan, the better.
Over-analysis
“I have to do more to make it perfect.”
Analyzing every aspect of the estate plan will make you focus on the minor details and lose sight of the bigger picture.
You don’t need to fret over small issues that come with the plan, rather make sure your plan is perfectly crafted to suit your desires.
The top priority when making a plan is to communicate with the family and tell them what you expect of them and how the plan will work once finalized. This will iron out the creases early enough and have a long-lasting solution to some of the issues that crop up along the way.Procrastination
“I don’t need a will now, I am still young.”
A recent survey shows that 6 out of 10 American citizens don’t have a will at all.
Many people tend to put off the estate planning process for later. When you put off the plan so that you can revisit on a later date, you won’t see it to be vital to your life.
Many people wait till they get incapacitated before starting the process of setting up the plan. If you are single, start a plan, and make sure it communicates your situation at the time.
Simple
“I only need a simple will.”
Well, the process of estate planning is legally binding, and if you don’t do it the right way, you will end up causing a lot of issues to your family.
There is nothing like a simple estate plan – you need something that is exhaustive for you to accomplish all your wishes.
A simple will might not be conclusive, and it might leave out a lot of clauses that need to be there. Cover all aspects of your estate so that you don’t cause issues with your succession later on.
Avoidance
“I don’t want to discuss anything to do with death.”
Many people are scared when they think about death. This is understandable. However, you need to put your selfish nature aside and think about the future of your kids.
Even the people that are on their deathbed don’t want to think about death – they believe they will recover.
I Can’t Afford It
“I don’t have the money to pay the lawyer.”
A lot of people can’t afford the fees to pay the lawyer so that he helps them to set up an estate plan. While a lawyer can be expensive, this doesn’t compare to the thousands of dollars you have to part with to take the case through probate instead.
Conclusion
When you have these fears and reservation, it is just right to have someone that can hold your hand and lead you along the right path. An estate planning attorney understands the situation and will partner with you through the difficult decisions.
