What is the biggest factor in delaying estate planning? Some of the most common responses our Orange County trust lawyers hear to that question are:
- A) Too expensive
- B) Don’t know where to start
- C) Uncomfortable/depressing to think about
- D) I am too young
- E) Estate is not big enough
Sometimes the responses may be a combination of two or more answers or even all of the above.
Let’s break down the very important reasons you should not let any of the above hold you back from getting your estate plan in place.
Too Expensive – The cost of having an estate plan in place is far less than the cost of not having one if you should become incapacitated or die. Both financially and emotionally. Probate court is not a place many people want to find themselves. It can be expensive, time-consuming, and stressful. Having a legal instruction manual on what to do with you and your stuff if you should become incapacitated or die can keep you and your loved ones out of the probate court. Estate plans are usually priced on a flat fee basis depending on your individual needs. The upfront cost may be far less than you think. The long-term savings is invaluable.
Don’t know where to start – That’s why we are here. We are able to guide you through the process and give you a place to start. Give us a call!
Uncomfortable/Depressing to Think About – Hopefully after reading the beginning of this post, you have a different perspective about estate planning. No one wants to think about bad things happening, but they do. An estate plan is essentially an insurance policy to help protect you and your loved ones. Consider your estate plan as a gift to you and your family.
I am Too Young – If you are over the age of 18, you are not too young to have estate planning documents in place. After we turn 18, our parents can no longer make healthcare decisions for us. They can’t even have access to our healthcare information in the event of an emergency, accident, or illness. You and your family are at the mercy of healthcare providers and state statutes in emergency situations. You should at least have medical directives and a power of attorney in place after the age of 18.
Estate is Not Big Enough – This pretty much gets the same response as “I’m Too Young.” An estate plan is more than a set of instructions for what to do with your stuff. It is also instruction for what to do with you if you cannot speak or act on your own behalf. Who would you want to have access to your bank accounts? Who do you want to be in charge of your healthcare decisions? What are your preferences in healthcare?
There really is no good excuse for delaying estate planning. Reach out to our Orange County trust attorneys today at (949) 476-2002 and let us help you get started.