What are some common reasons people put off creating their estate plan?

estate planning

In today’s society, one of the most important things a person can do to protect their hard-earned assets for the future is to create an estate plan. However, despite the importance of creating an estate plan, many people put it off until it’s too late. You must establish an estate plan to ensure you do not drop the ball when you have the chance to protect your loved ones from the hassle and expenses of dealing with the courts if you become incapacitated or die. Please continue reading to learn about the most common reasons people put off estate planning. In addition, contact a skilled Montgomery County Estate Planning Attorney who can help you create an estate plan. 

Why do people procrastinate about estate planning?

The cost is one of the most common reasons people put off creating an estate plan. Although this is an expensive endeavor for some, putting off your estate planning will end up costing your loved ones more than it would cost you to create one now. If you die without making an estate plan, you risk placing your assets and care in court guardianship. This will result in hefty attorney, accounting, court, etc. fees. These fees are all paid from your assets, meaning your family will not inherit your hard-earned assets as you may have intended. Your assets will have to go through probate, which means your assets will be distributed according to Maryland’s intestacy laws, which in turn means more expenses and less money for your loved ones. It is critical to note that estate planning does not have to be expensive, as you can find a reasonable attorney who can help you protect your future.

Another common misconception that makes people procrastinate about estate planning is that they think it is only beneficial for healthy individuals, and they don’t own enough. However, there is nothing further from the truth. Regardless of how much you own, you can benefit from establishing an estate plan as it will protect what you have in the event of death or incapacity. People also tend to think they aren’t old enough. Despite many believing they will live long lives, there is no way to predict the future, and unexpected tragedies can happen. To ensure your hard-earned assets are protected for the future, you must create an estate plan before it’s too late.

Stop putting off estate planning to ensure your hard-earned assets are distributed to whom you wish after death or incapacitation. Take the time to protect your future. If you want to establish an estate plan, contact a seasoned attorney at JD Katz today. Our firm is committed to helping clients understand the often confusing estate planning process.