For many Arizona residents, estate planning is one of the most important things you can do for your family. But, in reality, many people put off this important task. Why? A recent news article explored some of the most common reasons why people put off estate planning. Not surprisingly, some of the listed reasons were misconceptions that many individuals and families struggle with when they are considering whether or not to secure an estate plan.
Look a little deeper into your own situation
For example, the first reason listed was that many people do not believe that they have enough assets to bother with estate planning. This is a common enough thought but, in most cases, entirely untrue. Most people have more assets than they know, from bank accounts to retirement accounts to their personal property, among other things. And, you may think that you family “knows” what you would like to have happen with those assets, but unless you put it all down in an estate plan, that probably just isn’t the case.
Another reason listed in the recent article for why people put off estate planning is that they simply “don’t care” what happens to their estate. However, when a person feels this way, it is important to think about surviving family members. What will their burdens be? Could you make it easier for them?
Lastly, another reason listed in the article is that some people simply believe that they will always be mentally capable of doing an estate plan, perhaps even “at the last minute.” We all wish this was true, but the sad reality is that it oftentimes is not. Making a plan early on can make things easier for all involved, including you – if there are any changes, you just do a quick update to your existing estate plan.