You’ve spent years of your lives ensuring that your family is well. You care for your spouse and offer financial support whenever it is needed. You’ve made plans to ensure that your children can go to the college of their choice.
However, there’s one thing you haven’t done. You haven’t addressed your estate plan. Like so many Americans, you have a fear of initiating this process. What are some of the more common reasons why people choose to put their estate plan on hold?
Superstition
While most Americans do not consider themselves to be superstitious, a significant minority do. One study suggests that up to 25% of people claim to be superstitious. In terms of estate planning, these superstitions may be around death.
It is not uncommon for people to think that talking about death is morbid. Some go one step further though and believe that talking about death is bad luck. Discussions over death might lead some to believe that they are wishing it upon themselves. This is not grounded in fact or logic, but it is still a widely held belief that puts people off from making plans for the future.
Costs
Many people have fears that are more concrete in nature. With so many Americans struggling to make ends meet, the legal fees associated with estate planning can be daunting. While it is true that estate planning comes with certain financial costs, are these costs more expensive than leaving your family in an insecure position?
If you don’t have a will, trusts or other estate planning instruments in place, matters will be left in the hands of the courts should you die. Their rulings are not likely to match up with your final wishes. It’s much better to note these down on paper through watertight legal documents.
It’s important to take a balanced approach when contemplating estate planning. It’s not an easy topic to discuss, and it will cost you some money. However, the security it can bring to your loved ones is priceless. Before taking your next steps, make sure you have carefully considered all of your legal options.