In previous posts, we’ve discussed how and why to create and maintain a successful Estate Plan. However, many fail to do this, and it creates a bad situation after one passes away. The main goal of an Estate Plan after all is to take care of our loved ones after we die and make sure your estate is handled the way you want.
Here are a few reasons why Estate Plans Fail:
Estate Plans involve great intricacy and can cover dozens, if not hundreds, of questions that need to be answered. The questions can cover everything from Wills and Trusts, to Powers of Attorney and Beneficiaries. During the process of creating the Estate Plan, you’ll discuss taxes, Probate, guardianship of your children, and other issues that are complex. These questions and the information discovered from these questions are necessary to produce an Estate Plan that is right for your particular situation.
Unfortunately, this fear of complexity may keep you from wanting to move forward with your Estate Plan.
Estate Planning means discussing your mortality. For some this is a very difficult subject. When it comes to the topic of death and what needs to happen after you pass, it can raise great emotion. You’ll be covering topics such as:
- Who will raise my children?
- Who will manage my estate?
- Have I provided for my spouse and children?
- How can I make my death easier on my loved ones?
- Are there charities or organizations I want to leave a gift to?
- And much more.
Your main goal after all is to leave your loved ones with a feeling of peace and security.
When it comes to discussing an Estate Plan, huge questions arise, such as guardianship and beneficiaries. Often, these questions turn into debates and arguments. Because of that, many end up putting off creating or maintaining their Estate Plan. But by putting it off, you are potentially creating a much larger issue for your loved ones after you die.
It is much easier to tackle these decisions now and reduce or eliminate the chaos for your loved ones.
These are just a few reasons people put off creating or maintaining their Estate Plan. But it can be a much easier process if you contact a knowledgeable attorney that can guide you through the process of Estate Planning.