Peace of Mind Starts Here
Summary: Estate planning is a thoughtful act for your family, easing their burden during a difficult time, and it’s something everyone should consider, not just the wealthy.
The Cost of Failing to Prepare Your Estate Plan
“By failing to prepare, you are preparing to fail.” How many times have we heard these familiar words of Benjamin Franklin? In all aspects of our lives, plans are a necessary course of action. We plan everything from finances to meals to our workday. Can you imagine what a cruise line would say to you if you just showed up on the dock waiting to board the ship without planning the vacation first? You would be left on land watching the ship sail off into the sunset.
If you don’t have an estate plan, your loved ones will be left carrying your baggage. This is because your estate will likely be subject to probate after your death. The probate process in Indiana typically takes a minimum of six months to a year or more, and your family will have to wait for the legal process to wrap up before accessing probated assets.
The financial costs of failing to create an estate plan can be significant as well, with court, administrative, and attorney fees, among other expenses, adding up quickly. If disputes arise between family members, the time and cost of administering the estate is almost certain to increase.
Overcoming Procrastination in Indiana Estate Planning
For any plan to succeed, doing the actual planning must be a priority. Procrastination is our enemy. Not every person will have to enter a nursing home during their lifetime, but it’s a 100 percent guarantee that we will all die. The procrastinator in you will say, “I know I am going to die, but that’s down the road; it’s not going to happen today. I’ll plan tomorrow.” But no one really knows when that last day will be.
Yet, even though we understand the need to plan and we have a desire to plan, there is a large portion of us who just fail to do it. We have good intentions, but just cannot make it happen. This failure to plan also occurs in estate planning. I have heard people say, “I am going to be dead, so what does it matter, I can’t take it with me.” What people fail to understand is that you are planning not for yourself, but for your loved ones, your family.
What Happens to the “Small” Things Without an Estate Plan?
Why do I say it’s for your loved ones and family? Because you are dead, and it’s rare for people to die with absolutely nothing. Do you live in a home? Do you own a car? Do you have life insurance? Retirement? Personal Possessions? What about a bank account? How about a cell phone? A Twitter/Facebook/Instagram account? Debt? All these items will need to be taken care of by someone you love who is grieving your loss if you don’t plan while you are alive. What you don’t plan for today becomes the burden of your family after you pass.
Common Misconceptions about Creating an Estate Plan
Some people do not plan because they are under the misconception that estate planning is only for the rich and famous. This is simply not true. Estate planning is for everyone. Not everyone will have the same needs, and that’s why finding a good Indiana estate planning lawyer who will focus on your specific goals is so important.
Others feel that making an estate plan takes away their control over their property. This is also a misconception. A good estate planning attorney will explain your options according to your individual goals. That plan will ensure that you have as much control over your possessions as you want and that your goals are achieved.
Still others feel overwhelmed at the thought of where to begin. Just like every project, you begin at the beginning and start with determining your goals. Next, you gather information. This may be educating yourself by attending a workshop or reading books or articles about estate planning. Then, consult with a professional and determine if that person understands your goals and can help you design a plan that is developed from your vision. Finally, once a plan is in place, don’t put it on the shelf and forget about it. As your life changes, your estate plan may need to change with you.
The Benefits of Creating an Estate Plan in Indiana
I don’t know how many times I have heard family members express their gratitude that their loved one had a plan in place. They now have instructions about how to proceed directly from their loved one, and they can fulfill their loved one’s wishes knowing they are doing “what mom or dad wanted done.”
Estate planning provides you with peace of mind knowing that a plan is in place. It also allows your loved ones to grieve without the stress of trying to figure out what happens to everything you have left behind.
Start Your Estate Plan Today
Benjamin Franklin was not lying when he said, “lost time is never found again.” Make today the day to give yourself and your family the peace of mind you all deserve.
The attorneys and professionals at Indiana Estate & Elder Law serve clients throughout Indianapolis and all of Indiana from our offices in Fishers, Franklin, Rockville, and Wabash.
If you would like to meet with an estate planning lawyer to start the conversation about creating an estate plan in Indiana, call us at (317) 863-2030 or complete our online contact form to request a no-cost consultation.