One of the greatest deterrents to estate planning is procrastination. “I will have time later” is the most common phrase when someone is asked about their will. Most people know that it is imperative to have a will and other important documents in order, but we convince ourselves to wait… “I will have time later.” There is no time like the present to take action, contact an estate planning attorney, and get everything organized. Having a will is the ultimate in self-preservation of your legacy and protecting your loved ones. If you need more motivation, here are some reasons to make your will a priority:
YOU get to decide who is responsible for administering your estate
In many states, the administrator of your estate will be appointed in probate court. The administrator will direct the payment of your debts, collection of your assets, and distribution of anything remaining. The courts will make this decision for you, unless you have a will. Guardianship of minor children, administration of a trust, or distribution of assets can all be planned by you with a will. Do you want a complete stranger making these decisions for you?
YOU are in complete control of who is in your will
If the deceased does not have a will, the courts will decide how the estate is divided among your relatives. When you have a will in place, you can decide who receives your estate and remaining assets.
YOU really do have assets
Many people have the misconception that they do not have assets because they are not multi-millionaires. In reality, your home, car, and other material possessions (including 401ks, investments, and cash) can add up to a significant amount of assets. By having a will in place, you can secure the assets you may have now or in the future at the time of death.
YOU need help from a professional
Many people are overwhelmed at the thought of will planning. Or they will try to take care of business using a cardboard kit from Office Depot. Do you want to entrust your estate to a lifeless box that says “Last Will and Testament Planning Kit”? An estate planning attorney will guide you, and will help you find solutions to estate planning conundrums that you didn’t even think about. Reaching out to a professional can assure a peace of mind that is priceless.
YOU can make it easier on others
When a loved one passes away, people are overcome with grief. Emotions run high, and behaviors can be irrational in the days, weeks, and months after a death. By having a will, you leave no question marks, and your wishes are clearly administered while relieving your family of undue stress.
What are you waiting for? If you are concerned about a complicated process, then a professional can help you with that. If you are concerned about cost, it doesn’t have to be overly expensive. Consider this an investment. Life can throw you a curveball at any time. Be proactive, and take the opportunity to secure your estate while you are of sound mind and good health.
