While the fact that we’re all going to die is known to many, no one wants to discuss this subject let alone face mortality. Unknown to most people is that living in denial only ends up costing you a lot of money in taxes and attorney fees. Estate planning is important whether you’re young, single or retired. But why do people keep putting it off knowing that it’s something they need to do?
Some common reasons given for the procrastination include:
The process is long
Due to the lack of information, a lot of people have the misconception that estate planning is intimidating and time consuming. A Denver estate planning attorney only asks you to fill in a questionnaire that indicates your assets and liabilities. During your initial consultation, your attorney will ask you who you’d like to appoint as your agent. It’s essential to carry any documents you’d want reviewed. Finally, the attorney will go through your suggestions and make the necessary recommendations.
An initial consultation can take 2 hours, after which you’ll have a follow up meeting to sign your documents.
I’m too young
Age is not a defining factor in estate planning. You may not have a lot of assets to list, but you would like to be able to appoint someone to take care of you when you become incapacitated.
It’s too expensive
This is a common excuse given considering the attorney fee and the cost of setting up a trust if you’d like one. Nonetheless, you do not have to part with a lot of cash as you can our chase the software or just buy forms. However, if you are in a complicated situation, it’s always best to hire an attorney.
I’m confused about the whole process
Choosing an agent who you fully trust can be daunting as it is confusing. If you do not have anyone in mind, you can appoint a bank representative, an attorney or even a trust company.
There are countless reasons given for procrastination when it comes to estate planning. To reduce the stress and the hassle that comes later on when you’ve died, it’s important to have an estate plan. Consult an estate planning attorney today for consultation. Contact CJ Lee & Associates PC at (505) 728-7799 or email info@indianlaw.lawyer today.
Sources
http://www.investopedia.com/articles/retirement/10/estate-planning-checklist.asp
http://wealthmanagement.com/archive/estate-planning-primer
http://www.ascendfinancialplanning.com/dont-procrastinate-any-longer-estate-planning-is-necessary-and-simpler-than-your-think