Americans consider estate planning, or asset management in case of incapacity or death, important, but not urgent enough. As reflected in a survey, 67% of the nation still have not established their estate plans.
Despite the COVID-19 pandemic magnifying how unpredictable and fragile life can be, the question remains – why are people still intimidated by estate planning?
Reasons for avoiding estate planning
People generally would not want others, let alone the court, to make decisions for them about matters as significant as their assets when they can no longer provide the necessary context.
Yet, they also cannot find the right motivation to avoid causing unwanted tensions or burdens to their loved ones when they are not around anymore. They still tend to assume that:
They do not have substantial assets: Even without significant wealth, loved ones can still benefit from a clear plan detailing how to manage valuables or possessions, as specified in a person’s will.
They do not have enough time and budget: Processing time and fees are often dependent on how complex the assets and family dynamics are. However, a person may be surprised at how efficiently they can get things done with the right professionals on their side.
They cannot comprehend complex language: Legal and financial representatives can simplify the terms in a way relevant to the person’s unique circumstances.
Sometimes, people simply do not want to discuss the prospect of passing on. While still alive, they feel uncomfortable fleshing out issues related to their inevitable death. Others even call it a bad omen. However, they may soon realize that delaying the process only makes them regret not starting sooner.
Finding reasons to push through
As understandable as their reasons may be for putting off their Texas estate planning, these must not outweigh their drive to act now while they still can. After all, people owe it to themselves to leave a peaceful legacy, knowing they optimized their lifetime by securing their families’ future.