This is an article from Zimmer Law Firm (zimmerlawfirm.com) in Cincinnati, Ohio, that we thought others may find helpful.
Inheritance planning is something that you should do because you want your loved ones to be provided for and you want your wealth to be protected. Unfortunately, many people put off inheritance planning or don’t make a plan at all.
There are a lot of reasons why people wait to make a plan or fail to make the type of comprehensive plan they need. In some cases, people simply do not realize that they require a plan and have limited time to make one. If you are young, you could feel invincible and not see the point in inheritance planning. In other cases, however, fear may be holding you back from making the plan you and your family need.
Why Are People Afraid of Inheritance Planning?
Fear is a prime factor in preventing people from making the right plan because there are many things that could cause anxiety when it comes to advanced planning. Some of the different reasons people are worried or scared to make an inheritance plan include the following:
- A breakdown of family relationships: Family fighting can happen over an inheritance after a death. If you begin making an inheritance plan and your family finds out, this can also result in anger and a breakdown of relationships while you are still alive. You don’t want to spend your last years with your family angry or fighting you because you’re trying to make an inheritance plan. Unfortunately, if you make no plan, things will likely be worse after you were gone.
- Fear of death: No one likes to think about what happens after they pass away. Thinking about making an inheritance plan means thinking about life after you are gone. While this may not be pleasant, you owe it to your family do to so.
- Fear of not making the right choices: You may have lots of family members for whom you want to provide. You may not be certain of who to include in your inheritance or who you should leave what. Making plans has become even more complicated in today’s world of blended families. An experienced attorney can advise you on what intestacy law says about who inherits and can help you to decide on your goals for distributing your wealth.
These are just a few of many reasons people are afraid of inheritance planning. You likely have your own reasons for being reluctant to jump into making plans for after your death, but you need to overcome your concerns so you can protect your family and assets.
How Can You Overcome Your Fear of Inheritance Planning?
Although there are a lot of people who are scared of inheritance planning, there is no reason to let your fear hold you back. The best thing to do to get over your concerns is work with an experienced attorney who can advise you on your state’s inheritance laws and can help make legal tools work for you.
You should remind yourself about all of the consequences that can come from not making a plan and this should be a major motivating factor to overcome your fear and pick up the phone to call a lawyer. If you have not made a plan for your loved ones to inherit, you could lose the chance to shield assets against estate tax and you could end up with other undesirable outcomes.
Because there are so many problems that can arise when you don’t make an inheritance plan, it is definitely better to act, even with your worries. By thinking about all the downsides of going without a plan, you can get motivated to move forward.