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Krupp & Krupp, LLP Blog

Saturday, June 15, 2019

Procrastination and Estate Planning

Procrastination and Estate Planning

 

Procrastination.  We’re all guilty of it.  Worse yet, procrastination tends to affect our big decisions.  When it comes to your estate plan, your first step is to contact an experienced estate planner.  At some point, when you are disabled or dead, it will be too late to plan ahead.  If you don’t plan ahead your indecision will cost your family a lot of money and cause unnecessary stress.  Here are some common reasons why people procrastinate when it comes to estate planning.

 

“I don’t want to pay a lawyer”

You’ve worked hard and saved to build our wealth and assets.  An estate plan is an investment.  Doesn’t it make sense to invest in professional fees now to avoid unnecessary taxes, protect your financial legacy and preserve family harmony later on? When you consider the high costs your family could pay if you don’t have an estate plan, the cost of developing one is inconsequential. In fact, the cost of an estate plan might be much less than you expect.

 

“I’m too young to worry about estate planning now.”  Famous last words!  Unfortunately young people get cancer, have disabling accidents, etc. 

 

“I’m not rich.”

Even if a person has few assets or no children, estate planning also includes provisions for important decisions during life, such as naming agents in a health care proxy and durable power of attorney to make decisions in the event you become disabled.  Just having power of attorneys can save your family thousands of dollars if you become disabled.

 

“I don’t want deal with it.”  It can be uncomfortable to face our mortality. Also, some people don’t want to share these decisions with family members.  However, creating an estate plan does not mean that something is suddenly going to happen to you; it means that you value yourself and your family enough to do what is best for your loved ones’ future security. People who have completed the estate planning process achieve peace of mind knowing that they have planned for their loved ones.

 

“I don’t have time.”  If you have time binge watch Game of Thrones, play golf, or work out at a gym – you have time to meet with an estate planning attorney. Preparing an estate plan should be at the top of your priority list. An estate planning attorney will develop a structure and timeline to make the process less time consuming. 

 

“I already have a Will.” A lot of people think that if you have a will, you have an estate plan. This is not true.  A proper estate plan also includes a health care power of attorney and a financial power of attorney – these are necessary if you become disabled.  Without power of attorneys, your decisions are made by the guardianship court – and this costs thousands of dollars.  Also, a comprehensive estate plan often includes a trust to avoid probate, protect minor or vulnerable children, maintain family privacy and protect assets from general creditors or the cost of long-term care.

 

“I need to more time to think about it.”  This is the catch-all excuse for postponing an estate plan. Sometimes there are tough decisions you’ll have to make:  how to divide your assets, which child of yours will make your health care decisions, etc.  An experienced estate planning attorney can walk you through all of your options and help you come to an informed decision.

 

By doing nothing, you are risking some unpleasant things: unnecessary taxes, loss of assets to creditors and nursing homes and incorrect disposition of assets among your intended beneficiaries. All of these consequences will cost you thousands of dollars (at least) and cause a great deal of stress for your family.  If you are not worried about this, then do it so that your loved ones won’t worry about it.  Call us to get the ball rolling.  The first steps are to fill out our estate planning questionnaire (call or email us to ask for it) and set an appointment with one of our attorneys.

 






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3281 Commerce Drive, Suite B, DeKalb, IL 60115
| Phone: 815-758-5444

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