As human beings, we’re no stranger to procrastination. Procrastination can be a symptom of many things such as not knowing where to start, feeling overwhelmed, or not being able to find time to invest in planning. Regrettably, procrastination when it comes to estate planning is not something to just brush off. We can’t predict the future, therefore we need to plan to be prepared for what that future may bring. Getting started with estate planning is not as daunting as it sounds, and you will even feel better when it’s all said and done.
As we head into the last month of 2020 and hopefully approach positive changes in the new year, embracing an estate plan could be the most thoughtful thing that you do for your family. Having a last will and testament in place, or finalizing your will and trust is the best thing that you can do for your family to show them that everything is under control during turbulent times. Even just a little bit of estate planning can help couples to reduce their federal and state estate taxes and minimize family quarrels after death. The benefits are endless, but the absence of a proper and effective plan can be devastating.
Why We Procrastinate
Thinking about life after you’ve died is downright uncomfortable and scary! No one wants to consider what will happen to their family, loved ones, and cherished assets when they’re no longer here. Additionally, it feels unrealistic to plan that far ahead, after all, if you’re in good health what’s that rush? Ultimately, that’s just it. We aren’t going to live forever, and we may not have as much time as we think or hope that we will. Making sure to get ahead of misconceptions surrounding estate planning will make it easier to get started. Some common misconceptions people might believe are that estate planning is only for the wealthy and that they’re too young, but there are many more that people believe that simply aren’t true. The only way to have full protection is to stop procrastinating and start working on an estate plan.
Tips to Get Started
Taking the plunge is half of the battle, but estate planning doesn’t have to be a time consuming, costly, or grueling process. Below are some tips that can get you started with estate planning and on the right track to protecting your assets and avoiding procrastination. Remember, focusing on one thing at a time can help if you’re feeling overwhelmed or stressed out.
- Make a list that includes all of your assets.
- Consider whether or not you need a medical directive/living will.
- Choose a personal representative, guardians for your children, a trustee, and a healthcare representative.
- Make an appointment with an estate planning attorney.
- Continue to review your plan throughout big life changes.
Estate planning, wills and trusts, and probate don’t have to be scary words. With the new year almost upon us, don’t leave estate planning out of your 2021 resolution. To stop procrastinating and get started on protecting the things you cherish most in life, contact our legal office today.