Procrastination and Estate Planning

June 9, 2016

Estate Planning is not a topic that most of us like to think about. After all, who really wants to think about disability, incompetence or dying? Yet the reality is that an estate plan will be used and will be needed at some point during your life or death. Procrastination can result in no estate plan being in place when it is needed, or an imperfect estate plan put together in an emergency.

Reasons for Procrastination

The estate planning lawyers at Wokwicz Law Offices have heard practically every reason for procrastination when it comes to putting off estate planning. What follows is our efforts to address those reasons, debunking each one as we go.

I’m Not Rich Enough

Estate planning benefits more than just the wealthy. Individuals and families that are outside the top echelons of asset values can make significant savings from careful and early estate planning efforts.

Even for individuals of more modest wealth, the cost of not estate planning may lead to expensive court procedures like probate and guardianships. A probate or guardianship will result in a higher percentage of your assets being used for court costs and attorney fees when the estate is smaller. Advanced planning can often results in the avoidance of probate and guardianships.

It is a fact of life that family disagreements happen in both small estates and in large estates. These family disagreements often result in cumbersome court action and further legal and administrative fees. While estate planning cannot eliminate family discord, a careful and thorough estate plan can greatly reduce the legal wrangling following the passing of the loved one. The detailed and proper estate plan will clearly spell out the wishes and aims of the deceased, curtailing the likelihood of probate or court intervention. That, in and of itself, will limit the costs of administering the estate plan for the deceased.

I’m Too Young and Healthy

The time to plan is when you are of sound mind and before it is too late. Anyone at any age, unfortunately, can pass away or become incapacitated. Younger persons with children should plan so that there is no fighting over who will become guardians of their minor children and to provide for the right people to raise their children.

The reality is that almost every adult should at least think about and plan for what would happen if they were to pass away or become unable to care for themselves. Estate planning is about shaping the future to meet your goals and desires.

I Can’t Decide, It’s Too Complex or I Don’t Understand

Some people fail to create an estate plan because they cannot decide who should be included or who should be the trustee, personal representative (executor), agent, or beneficiary. The reality is that if you delay planning into the future, at some point it will be too late and you will have no plan in place. Delaying planning is not a solution.

Generally speaking, it is most prudent to decide what is best now and what you desire now, then to not plan at all. Procrastination is not a reliable strategy. You can work with a skilled estate planning lawyer to  set up a plan which can be easily modified in the future if you change your mind or if your situation changes. Make the best estate plan you can now with the knowledge that you can modify or amend your plan in the future if desired.

Candid conversations with a knowledgeable estate planning attorney can often resolve many of the confusing issues or concerns which have been the source of delays or indecision. Getting specific answers to your unique needs and situation will reduce the fog of confusion – and can often result in you discovering better estate solutions than you had considered on your own.

We can help you get going – to overcome those overwhelming feelings of indecision – and enable you to unravel some of the complexity of the estate planning process. Estate planning lawyers since 1958, we have been helping our clients in and around Kenosha County craft solid, well-reasoned estate plans.

Estate Planning is Too Expensive

Not planning results in more costs and expenses. The estate planning process is about the future and finding ways to reduce future costs and risks.

We know that we will all pass away at some point, so an estate plan is an investment for you and your loved ones that will save future costs and expenses. A well thought-out and properly planned estate plan is an investment that will save you money by avoiding costly family conflicts, unnecessary probate, and other costs, taxes and fees.

We Can Help Get You on Track

Make sure that your goals and desires are met by planning in advance, before it is too late. Procrastination may result in no estate plan and increased costs, expenses, time and unnecessary court involvement. Don’t put it off, set up an appointment and begin the process of planning to save your family time and money. A small investment now can result in a lot less pain and expense later.

As experienced estate planning attorneys we have worked through thousands of estate plans and scenarios resulting in less family conflict and reduced expenses and costs. We have decades of representing generations of families in the Kenosha area with their estate planning needs. We know how to help you determine and reach your estate planning goals. Reduce your own stress by contacting us today.