A significant percentage of people have not drafted any estate planning document. According to a wills survey conducted by Caring.com, 50% of the respondents said they don’t have a will, and most of them were aged 34 to 50.
Different factors can contribute to someone not having an estate plan. Below are three common ones:
Fear of mortality
Typically, estate planning requires someone to face the reality that they will die or might become incapacitated. Those who don’t want to face this choose to avoid it altogether.
It’s important to focus on the benefits of estate planning, despite in the surface being viewed as preparing for incapacitation or death. It allows you to allocate your assets according to your wishes and choose a guardian for your minor child.
You also get to pick someone to make healthcare decisions on your behalf when you become incapacitated and an executor to administer your estate. Essentially, estate planning can give peace of mind and eliminate the chances of conflicts among your loved ones.
The estate planning process
It’s not uncommon for people to postpone estate planning so as not to deal with the process, which they believe is complex. Indeed, estate planning can be complicated, especially if you have a large estate. Nonetheless, professionals can make your work more manageable. Have a team consisting of a financial advisor, attorney, tax expert and insurance agent to handle the steps you might be dreading.
Fear of causing conflicts
The thought that decisions may hurt a loved one’s feelings, leading to family disputes, is another reason why some people avoid estate planning. It can be difficult to make only popular decisions in your estate plan, but you can ensure they are in your loved ones’ best interests and reflect your wishes.
Avoiding estate planning can be more harmful than some people believe. Obtain more information to protect your legacy and loved ones.