Idaho Law Blog
Having spoken to many Estate Planning clients I’ve come to find that there really are 3 main reasons people procrastinate getting their Estate Planning done. Knowing why we procrastinate our Estate Planning can help us avoid any further delay and can help us focus on getting it done. The purpose of this article is to explain the three main reasons for procrastinating and to show why these reasons really are not valid.
1. Estate Planning is Too Expensive: False
Many people believe that getting a simple estate plan completed is just too expensive. A basic estate plan consists of: a Last Will and Testament, a Durable Power of Attorney, and a Living Will & Durable Health Care Power of Attorney. The reality is, it is far more expensive to not have a basic estate plan in place if you need it and don’t have it.
Every adult human being has a right to make decisions about their own finances, property, and healthcare. However, if you suddenly became unable to make these decisions for yourself there would be a problem. The only way that these things could be done is if the courts appoint a legal guardian for you.
Guardianship proceedings require filings with the court, at least two attorneys involvement, and often testimony from medical and or health care providers. Essentially your family will have to go through a hearing process before the court will make a decision about who your legal guardian will be. The costs of a legal guardianship are easily 2 to 3 times more than the cost of getting a simple estate plan done if your family all agrees about who should be appointed. If there is a disagreement or a fight the litigation involved in the guardianship proceeding could cost tens of thousands of dollars.
2. I am Too Young to Need Estate Planning: False
Other people believe that because they are young they don’t need an Estate Plan. If you are over the age of 18 which the law states makes you a legal adult, then you need an Estate Plan. As I pointed out in previous articles and also in part 1 above, Estate Planning is not just about giving your stuff away. Estate Planning is mostly involved in helping care for you during your lifetime. An important reason for getting an Estate Plan done is so that you can name people who will make decisions for you during your lifetime if you suddenly become unable to make those decisions for yourself. Essentially it gives you the ability to plan for your own future rather than leaving those decisions up to others.
Additional even if you are young, you may have a family of your own. If you have a spouse or children, then getting an Estate Plan completed is vitally important. Estate planning provides a way for you to name Guardians for your own children in the event both you and your spouse die. Because you have an opportunity to make your own specific wishes known you have an opportunity to greatly lessen the chances of your families fighting over who should care for your children.
3. I Don’t Own Enough Assets to Need Estate Planning: False
Another reason people procrastinate getting their Estate Planning done is because they feel that they don’t own any assets. Most people believe that Estate Planning really is only designed for rich people who own lots of lands or stuff. But this couldn’t be further from the truth.
As I described above, Estate Planning provides the opportunity for you to plan for your own living and/or health care needs, and to have a plan in place for your spouse or children in the event you die. The very last thing Estate Planning does is transfer your property to others.
Frankly, Estate Planning is necessary for everybody. You are never too young and you never have too few assets in order to get an Estate Plan in place. Failing to get your Estate Planning done could be very expensive for your family down the road. The very best thing you can do is to get your Estate Planning done now!
Call us toll free at 877-232-6101 or 208-232-6101 for a consultation with Lane Erickson and the Racine Olson team of Estate Planning attorneys in Idaho. You can also email Lane Erickson directly at lve@racinelaw.net. We will answer your Idaho Estate Planning questions and will help you solve your personal estate planning needs.