Why Do People Avoid Estate Planning?

Nearly all adults know the importance of creating an estate plan. However, there are still so many reasons people avoid doing it. Although there are many reasons for the procrastination, people still generally understand that drafting a plan can protect their loved ones and could even save them a significant amount of money in court costs and other legal fees. Below, our Utah estate planning lawyer outlines three of the most common reasons people avoid sitting down and drafting out a plan.

The Fear of Dying 

No one wants to think about dying, let alone talk about it. Truthfully, the things you must talk about when estate planning, from appointing a guardian for your minor children to your personal finances, can feel awkward and uncomfortable.

If this is your reason for avoiding estate planning, try to start with something small that makes you feel more comfortable. For example, you may want to schedule a family meeting to talk about important topics with your closest loved ones. Or, you may schedule an appointment with a Utah estate planning lawyer to discuss how to get started. Taking it one step at a time can make it feel less overwhelming.

Fear of Losing Financial Security 

Many people fear that when they create an estate plan, they will lose financial security. The fear stems from the belief that giving away property as an early gift, or placing assets into a trust means they will no longer have control over it.

When drafting a trust, it is possible to create one that is revocable and name yourself as the trustee during your lifetime. This helps you retain control over the property and allows you to manage it, sell it, remove it from the trust, and otherwise control it. Only upon your passing will a successor trustee manage the property. A Utah estate planning lawyer can advise on the facts of your case and help you create a plan that fits your needs and ensures you retain control over your finances.

Emotional Turmoil 

Not all families get along. When there are strained family relationships involved, it can make estate planning much more stressful. However, it is important to remember that failing to take certain actions during your lifetime can further damage relationships now, and after you are gone.

It is critical to remain open and honest with all family members so they understand your point of view. It also provides an opportunity for you to listen to your family members, hear what they have to say, and make them feel as though you understand them, as well. These conversations are important and can help you avoid disputes after you pass away.

Our Estate Planning Lawyer in Utah Can Make it Easier 

Estate planning does not have to be challenging. At AGS Law, our Utah estate planning lawyer can make things easier by helping you identify your goals and advising of the strategies that can allow you to achieve them. Contact us to schedule a consultation and to learn more about how we can help.

Source:

le.utah.gov/xcode/Title75/Chapter7/C75-7-P6_1800010118000101.pdf