The Problem With Estate Planning Procrastination
There are quite a few people here in Michigan who have not set up an estate plan. There are many different reasons people sometimes give for not having an estate plan. One is that life has been very busy for them and that they just have not been able to get around yet to making such a plan.
It is understandable that life can get very busy for a person and that, consequently, they may have to put some things that they were thinking about doing off until a later date. However, there are some things that are worth making time for, even if one is very busy. Estate planning falls into this category.
This is because putting off estate planning could have some major consequences. One reason a person may think they can wait on making an estate plan is that they think that, given their age and health, they have a great many healthy years in front of them and thus that incapacity and death are something they don't really need to think about now. However, unexpected tragedy can strike people of all ages and health conditions. If a sudden tragedy strikes a person before they have set up an estate plan, and the tragedy leaves them incapacitated or causes their death, what ends up happening in regards to their assets and other important issues (such as the care of their kids) could end up being quite different from what they would have wanted.
Thus, procrastinating when it comes to estate planning can carry some real risks. Consequently, making time for estate planning can be very important.
In addition to not procrastinating, another thing that can be important when it comes to estate planning is making sure it is done correctly. An estate plan that is sloppily put together without much thought could end up creating some of the same problems for a person that not having an estate plan at all can pose. Thus, when estate planning, a person may want to work on their plan with an estate planning attorney, as such attorneys can be a valuable source of guidance and advice on how to make a well-designed estate plan.
Source: Huffington Post, "Why We Avoid Estate Planning," David A. Dedman, Feb. 26, 2015