10 Reasons Why People Avoid Estate Planning

By: Shriya Chowdavarapu, Summer Intern 2023, 2024

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1. Fearing the Expense. Many people fear the expense of an estate plan. However, when the cost is broken down, a well drafted estate plan can last for many years. An investment of $1,000 for a plan that should last 10-12 years or more, costs less than $100 per year to have the peace of mind that an estate plan brings. Looking at it from this angle, an estate plan can be very affordable.

2. Not Knowing Where or How to Start. It can be very scary to start the process of estate planning, especially if you do not know where to begin. However, that is what estate planning lawyers are here for! A good estate planning attorney will guide you through each step of the process. Find a lawyer that you trust, or that a friend or family member recommends, and give them a call. Most lawyers are happy to chat with you and you can determine if you think they’d be a good fit for you.

3. Being Uncomfortable Talking about Death. Talking about death can be very uncomfortable, or even scary. However, death is inevitable. You’d be surprised how many clients say they feel like a weight has been lifted when leaving our office. It is better to talk about the uncomfortable stuff and get your affairs in order before something irreversible occurs. A good estate plan is less about you, and much more about taking care of those you love, and providing them with some guidance at a time they will need it most.

4. Lack of Knowledge. Many people are unaware of what happens to their assets when they are no longer here. Having an estate plan gives security and reassurance that your property and treasured belongings will go to the right people or charities that you choose. It also ensures that the right people are in the positions to make sure your wishes are carried out. A good estate planning lawyer can help walk you through this process.

5. Delaying. It is not uncommon for us to get caught up with our everyday obligations. While those are incredibly important, so is making sure your family is taken care of in case something unexpected happens. This is especially important if you are a parent of a minor child. A proper estate plan will allow you to name a legal guardian for minor children. If you are a parent, this fact alone should drive you to make an estate plan to ensure your children’s future care.

6. Passing the Baton. Some people believe that once they pass away, their friends and family can deal with the legal hassle of coordinating everything. However, without an estate plan it is not only exponentially difficult for your loved ones to deal with your estate, but it can also be very expensive. Doing nothing saves you time and money now, but it almost always comes at a much greater cost to those you leave behind.
 
7. Believing it Does Not Apply to Them. You don’t have to be a millionaire to need an estate plan. Estate plans are for everyone as it helps keep everything in order. No matter if have one bank account, $10, or fifty investment properties. An estate plan is for EVERYTHING you own. There is also more to an estate plan than just writing up a will. Other key documents will allow someone to assist you with your finances if you become unwell, make medical treatment decisions on your behalf, or even step in to care for your children for a short term, should you be unable to care for them for any reason. Some additional benefits of a proper estate plan are minimizing taxes, protecting family assets from a child or grandchild’s divorce or illness, providing for beneficiaries with special needs who are receiving benefits, and gifting to charities.

8.Too Much Effort. It actually takes less effort to create an estate plan than you would think. A simple phone call to a lawyer is the first and main step. After that, most of the heavy lifting is in the hands of your lawyer whose main goal is to make estate planning as easy and smooth of a process for you as possible.

9. Facing Uncomfortable Situations. The great thing about an estate plan is that they are so easily customizable. Therefore, your belongings only need to go to the people that you want them to go to. Lawyers work with complicated family dynamics all the time. While it may be difficult for you to talk about, knowing the backstory can be vital to protect a family member from addiction, preserve benefits for a loved one with special needs, or protect family wealth from divorce. A lawyer will be there with you through every step of the process helping you with any family dynamic you might have.
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10. Fearing Permanence about Decisions. Many think that once they complete their estate plan, that they can’t change their mind. This is simply not true! An estate plan is completely customizable and you can change it at any point of your life, as long as you are competent to do so. In fact, many of our clients update their will every few years based on changing circumstances or a shift in family dynamics. You are always able to add, change, or remove anything from your estate plan, at any time.
 
 
About Shriya:
I am a senior at Owen J. Roberts High School. After high school, I plan on attending a four year university where I will study political science. Following that, I hope to attend a law school and obtain my law degree. The past two summers, I have had the incredible opportunity to intern at The Charleston Firm where I have gotten hands on experience and knowledge about being an attorney. My experience with this firm will be one I will cherish for it has fueled my interest in becoming a lawyer further.