
“When is the right time?”
We, at Indiana Estate and Elder Law, know you are busy, always putting yourself last. It’s easy to get caught up in the day-to-day responsibilities of work, family, and caretaking. With so much on your plate, estate planning may seem like a low priority task, something to put off for another day. However, procrastinating estate planning can have serious consequences, both for yourself and your loved ones. So, let’s take a few minutes and explore some common reasons why people put off estate planning and why its important to try to overcome these obstacles.
Lack of Time. One of the most common reasons people put off estate planning is a perceived lack of time. Between work, family commitments, social obligations and taking on more than you have time for, it can be difficult to carve out time to meet with an attorney to discuss your estate plan. However, putting off estate planning can create some harsh results that you may not have thought of. Without a proper estate plan in place, your assets may not be distributed according to your wishes, and your loved ones may be left to deal with a lengthy and expensive probate process. To avoid this, consider setting aside specific time on your calendar to work on your estate plan. You don’t have to do everything at once. Start by scheduling a consultation with an attorney, and work with them to create a plan that meets your needs and goals. Discuss your goals with them, what you would like to see happen after you are gone and the people who will be inheriting from you. The attorney will be able to establish steps for you and create a plan for you. By taking small steps over time, you can create a comprehensive estate plan that gives you peace of mind and protects your loved ones.
Fear of Mortality. Another reason people procrastinate estate planning is a fear of mortality. It’s natural to want to avoid thinking about your own death, but failing to plan for it should not be the answer. I have heard clients even say “I’m going to be dead anyway, what does it matter?” Well, it does matter and putting off the conversation will not alleviate your fear. Without an estate plan, your assets may be distributed in a way that doesn’t align with your wishes or your loved ones may be left to make difficult decisions about your medical care or end of life preferences. Your assets may get distributed to those you do not wish to inherit or in a way you would not otherwise agree to. To overcome this fear, consider a shift in your mindset. Instead of focusing on your death, focus instead on protecting your loved ones and ensuring yourself that your wishes are carried out. By creating a comprehensive estate plan, you can provide guidance for your loved ones during a difficult time, and ease the burden of decision-making for your loved ones, by putting your wishes in writing and in a document that is legally binding. Doing this takes the guilt away from a loved who making a difficult decision. Additionally, by discussing your wishes with your loved ones and involving them in the planning process, you can ensure that everyone is on the same page and feels heard and respected.
Lack of Knowledge. Even though you know there is a need for estate planning, overwhelm often comes into play. You feel overwhelmed by the complex legal and financial issues involved. Sometimes just filling out a personal information sheet seems like a task like that of climbing Mt. Everest. While estate planning can be a complex process, involving wills, trusts, powers of attorney, health care representatives, and other legal documents, Attorneys are here to do the heavy lifting. Without a basic understanding of these concepts, it can be difficult to know where to start. To alleviate the overwhelm and anxiety associated with this, consider working with an attorney. Ask around. You probably have plenty of friends with opinions and recommendations that you can trust. Attorneys can help you understand various options and guide you through the process of creating a comprehensive plan. Additionally, there are many resources available on our website that help you learn more about estate planning and help you make informed decisions on how and the best way to protect your assets.
Lack of Urgency. Another reason you may be procrastinating your estate plan is lack of urgency. It’s easy to put off planning for the future when there are more immediate concerns to deal with. However, failing to plan for the unexpected can have consequences as well. Without a proper estate plan, your loved ones may be left to deal with a lengthy and expensive probate process, or your assets may be distributed in a way that doesn’t align with your wishes. Its best to think about estate planning as a way to protect your loved ones and ensure that your wishes are fulfilled, or your assets protected. By creating a comprehensive estate plan, you can provide guidance for your loved ones during a difficult time and ensure that your assets are distributed how you would have wanted them to be distributed.
At Indiana Estate and Elder Law, we know you are busy, we know you can be anxious about putting your wishes on paper, and we know that there are times when it seems like estate planning is a low priority. But the more you can do before the crisis happens, the more the plan will reflect your true wishes and protect your assets.