Avoiding the Inevitable – Reasons People Delay Estate Planning
Human beings, for the most part, love their lives. We plan and keep planning for all the big milestones to come ahead. When we’re younger, our plans for the future consist of planning school dances, where we’ll go to college, and the people we’ll meet and befriend.
As we grow older, our plans become more complicated and serious. We have partners to think about, possible nuptials, and whether we want to have children. But life doesn’t stop there, we have to think about the time we are old and gray.
But there is one aspect of our life we don’t like to think about – our mortality.
Facing the inevitable possibility of your death and leaving behind your loved ones to fend for themselves is overwhelming and daunting. It is in these instances the cliché of “ignorance is bliss” feels comforting.
This is the reason why many people ignore the vital requirement of estate planning in Brooklyn. Currently, less than 40% of adults in the U.S. have a will or trust, with the number decreasing significantly for younger age groups.
As estate planning lawyers in Brooklyn, we’ve heard many reasons why people delay planning their estates and securing themselves and the people they love and hold dear. Here are some of the most common reasons for the delay, in no particular order:
1. “I’m (or we’re) not old enough to start worrying about our estate”
We said in no particular order, but this is indeed the most common reason people give us. For people who are not aware of the importance of estate planning in Brooklyn, the average client looks like an old, frail person.
But we are here to tell you that it’s not like that all. You are never too young to have your affairs in order. Life is unpredictable and, unfortunately, people die at all ages.Let’s take a look at Prince – musician and singer extraordinaire. He was just 57 when he passed away, leaving behind millions of dollars’ worth of estate left for his family to get in order.
It’s never too late to have your affairs in order. If you’re young and don’t completely understand the concept, get in touch with an estate planning lawyer in Brooklyn.
“My estate is too small for a will or trust”
Another misconception people have regarding estate planning in Brooklyn is that it’s for the rich and wealthy. This usually comes from people who have a home, a nice car, savings accounts, an IRA, etc.
All of these are assets that can be difficult to administer. Maybe not as much as an estate Prince was worth, but it still needs work. Even just a life insurance is an asset for your children and/or partner after you pass away.
Deciding to put work into planning and making arrangements today will make it easy for your loved ones to take care of your belongings, funeral plans, etc., saving them stress.
3. “I don’t want to pay for the expenses of estate planning in Brooklyn”
Estate planning in Brooklyn is not exactly comparable to buying your daily groceries. It can be expensive sometimes. However, buying property, insurances, vehicles, valuable jewelry, etc., are also expensive.When you’re planning an estate, you’re not buying a fancy document. You do have to pay a price upfront, but it will be less than settling probates and obtaining guardianships afterward. In addition to that, the stress and time spent resolving these issues also have to be accounted for.
There are ways estate planning in Brooklyn can be made more affordable. But in the end, the goal is to secure your loved one’s future and that price is worth paying.
“I don’t have multiple children to fight over my estate.”
You don’t just plan your estate just to avoid your children fighting over money. The document is a way to determine how your money will be distributed and who it will benefit after you’re gone. It also describes who administers the estate and when.
Secondly, in case your child is a minor at the time of your passing, they won’t be able to manage the estate on their own. You will have to name a guardian that can safeguard your child’s inheritance until they are old enough to do it themselves. Also, it can avoid litigation in case you and your child’s other parent both die.
“I’ll lose control over my estate with a trust.”
Well, this reason stems from misinformation. Setting up a trust with an estate planning lawyer in Brooklyn actually gives you more control. When you’re alive and well, you can buy and sell estate as a trustee. You are also the beneficiary.You are also in control of how your belongings and estate are divided and to whom they go to. You also get to decide who administers your trust and when beneficiaries receive their inheritance. And lastly, you also have control of your estate in case you are incapacitated.Final Thoughts
It’s understandable that you might get overwhelmed when being confronted by the thought of you passing away. However, taking care of your estate with the best estate planning lawyer in Brooklyn bodes well for you and your loved ones during your lifetime and after it.
