Why Do So Many People Procrastinate With Their Estate Planning?
Most people when asked will agree that estate planning is important, and something they should do for themselves. However, there are many people who have not made any real progress on developing an estate plan, which puts them at risk of dying intestate and having their assets distributed according to state law.
Here are a few of the most common reasons why people tend to put off their estate planning, and why you should cease the procrastination and get proactive with arranging your affairs.
- Age: There are those who believe only older people or people farther into their careers or lives need to worry about establishing an estate plan. However, estate planning is not just for old folks—unfortunately, you never know when your time on earth will end. Young people have just as much to gain out of estate planning and can protect themselves and their assets by taking care of business early on.
- Lack of assets: There is a common misconception that if you don’t have a sizeable estate or a lot of assets that you don’t need to make an estate plan. However, estate planning is not just for wealthy people. If you care at all about what happens to what you own, it’s important to have an estate plan in place, no matter the size of your estate.
- Complexity: It’s understandable to be intimidated by something you don’t understand, especially when there are attorneys involved. But, if anything, working with an attorney will demystify the process for you and clear up any misconceptions you have, getting you through the process simply and efficiently.
For more reasons to take action now to plan your estate, contact an experienced Tampa, FL estate planning lawyer at BaumannKangas Estate Law.