Estate planning may be uncomfortable for you to think about. After all, preparing for your inevitable death is not exactly a pleasant experience. But if you fail to put an estate plan together, you will not have as much control over your assets as you want. It could cause a disastrous mess for your heirs to deal with after you are gone.
While you may admit it is something you should do, you put it off anyway. You are not alone–a lot of people avoid estate planning. But why? Here are some common reasons you may procrastinate creating a will or trust.
1. You think you are too young
Estate planning is not only for the elderly. Just because you are not 70 years old does not mean you should not figure out where you want your assets to go once you die. While it is scary to think about, you could suddenly become mentally incapable of making these decisions due to an injury or even die at any time.
2. You assume you do not own enough
Even if you are not wealthy, you need to set up an estate plan. As long as you own anything, you should create a will or name beneficiaries at the very least. If you own a home or car, it is time to draw up an estate plan to make sure everything goes smoothly when you pass away.
3. It is confusing
The laws surrounding estate planning can be confusing. You may also be uncertain about whether to create a trust or what a power of attorney even is. This is why you should get help from a lawyer who can assist you in understanding the laws and creating a strong estate plan. With legal counsel, these decisions will be easier and the process will make a lot more sense.
With help, you can feel more comfortable about overcoming your hesitations and making sure your belongings will go to your loved ones.