Common Reasons People Procrastinate With Estate Planning
In the United States, approximately 44 percent of adults have a will or a comprehensive estate plan. This means that the majority of individuals, roughly 56 percent, do not have any formal estate planning in place. Utah generally reflects the national trends, meaning most adults in the state also do not have an estate plan. There are many reasons people procrastinate when it comes to estate planning. Below, our Utah estate planning attorney explains the most common of these.
Uncomfortable with Mortality
One of the top reasons people put off estate planning is because they are uncomfortable thinking about their own mortality. Although many people do not want to think about what will happen when they pass away, it is important to note that estate planning is not only about death. It is also about life.
A comprehensive estate plan involves more than just a will. Your plan should also include advance directives that allow a trusted individual to make financial and medical decisions on your behalf if you are unable to. Procrastinating your estate plan may mean you do not have the necessary protection when you need it.
Thinking an Estate is Not Big Enough for a Plan
People often think that estate planning is only necessary for those with a high net worth. However, this is not true. Anyone who owns even a single asset, such as a bank account, should have some estate plan in place to determine what happens to the property after they pass away.
Additionally, it is important to remember that the function of an estate plan is much more than simply distributing your property. You can also name a guardian for your minor children, designate someone you trust to make decisions for you if you become incapacitated, and more. Even individuals with simple estates need to plan for it.
Thinking the Cost is Too Great
Many people believe that estate planning costs too much, so they put it off longer than they should. Estate planning in Utah can cost anywhere between $500 and $10,000, depending on the complexity of the estate. However, the cost of not having an estate plan in place can be far greater than the cost of paying an estate planning attorney to draft your documents. Your loved ones may have to pay thousands of dollars to gain access to your financial accounts, home, and other assets.
Not Knowing Where to Start
There are many documents that can make up a comprehensive estate plan. These include a will, trusts, advance health care directives, powers of attorney, funeral and burial plans, and more. All of these have certain procedures and legal requirements, and it is easy to become overwhelmed and not know where to start. The foundation of many estate plans is a will. However, a Utah estate planning attorney can review the facts of your situation, help you determine what documents you need, and execute them so you and your family are protected.
Call Our Estate Planning Attorney in Utah Today
If you have not yet formalized an estate plan, it is important to call our Utah estate planning attorney at AGS Law today. We can customize a plan for you and provide the guidance you need every step of the way. Call us today at 801-477-6144 or contact us online to schedule a consultation and to get the legal help you need.
Source:
le.utah.gov/xcode/Title75/Chapter2/C75-2-P5_1800010118000101.pdf
