There are a lot of reasons people give for not having an estate plan, but most of those reasons fall into the same categories. If you ask a person why they don’t have an estate plan, you might be surprised at the excuses you hear. If any of these apply to you, it’s time to take a better look at your estate and your legacy and do what you can to protect them.
1. I don’t have an estate planning attorney.
Most people assume if they don’t know an estate planning attorney or don’t know who to call, that is excuse enough to not have a plan completed. Everyone knows at least one person who has finished an estate plan, coworkers, family or friends, so ask around.
2. My family will figure it out — I don’t need to tell them what to do.
While your family may understand your wishes, they may not be legally capable of following your wishes. This is because your estate goes through probate court if you don’t have an estate plan, which means the court decides what to do with your estate.
3. I hear making an estate plan is expensive and I don’t have the money.
A basic estate plan is a lot more affordable than you might think. Contact an estate planning attorney in your area.
There is no reason to not have an estate plan. Without an estate plan, your estate is in the hands of the court rather than your loved ones, and that should be reason enough.