Top 5 Reasons People Put off

GOOD ESTATE PLANNING allows YOU to make plans for your funeral and burial as well as designate how your assets will be distributed (i.e., who gets your money or property), designate guardians for your minor children, and decide who will take care overseeing this process.

1. “I don’t want to think about death.”

Well, nobody wants to think about the end of their life. However, not planning is planning to fail. Many people assume their close family members will know their wishes. This is rarely the case.

Without the appropriate estate planning documents: a) your assets may not go to those you wish them to; b) your children may end up in the custody of your least favorite sibling or be in the middle of a family dispute about custody; and/or c) your family may not be able to make medical decisions or gain information while you are incapacitated.

2. “I’m not old enough.” or “I have plenty of time.”

We see this with many young people, but accidents and illnesses do happen --think COVID-19. Life rarely goes as planned.

3. “I/we don’t own enough.”

An estate means your assets. Assets could be your favorite jacket, a piece of jewelry, an automobile, household furnishings, a small bank account, or pets. Assets also include some retirement accounts, certain life insurance policies, your home, or a business.

A good estate plan includes a Last Will and Testament for disposition of your assets. If you pass unexpectedly and leave no will, your loved ones are left with no direction about what assets you have or how you would have wanted those assets handled.

4. “I’m not sure where to start.”

A good estate planning attorney can provide you with the appropriate documents to meet your current and anticipated future needs. At a minimum, our firm suggests a pyramid of documents: Last Will and Testament, Durable Power of Attorney, and Living Will/Medical Power of Attorney.

With these foundational documents, your loved ones will be able to care for you in the event of an emergency or illness. They will also provide your loved one with the information they need about your assets and the distribution of those in the event you pass away.

There are also several other estate planning documents that could be appropriate for you, depending upon your circumstances. Your attorney will guide you through these.

5. “I’m too busy.”

Estate planning seems like a time draining process, especially if you are in college, have kids, work, the list goes on and on. Unfortunately, if you do not share your wishes through a Will, the court will make your decisions after death and it may not be what you would have wanted.

Estate planning is a fairly easy process. After finalizing your initial documents, you only need to periodically review your documents during life’s major changes (marriage, births, deaths, purchase of business, etc.) or when something significantly changes that you need to adjust.

Feel free to contact the attorneys at Ruberg Law, PLLC to guide you through this process. www.ruberglaw.com 859-344-6742.