A will provides instructions on how your assets should be distributed upon your death. Trusts manage assets according to your wishes. You can also utilize powers of attorney to meet your medical and financial needs.
Estate planning is an important process that all adults should engage in. Nonetheless, the reality is that most adults avoid it. Why is this the case?
A belief that others will take care of it
Some people avoid estate planning in the belief that family members and friends will take care of everything once they are gone. They may trust that family members will sort it out fairly among themselves.
However, when a person dies without a will, they die intestate. This doesn’t mean that family members have full control over the estate. Instead, it means that the court will get involved and distribute assets according to state law. What the court decides may not necessarily fall in line with the wishes of the deceased and family members.
A belief that estate planning is only for the infirm
Estate planning is associated with death. This can cause younger adults and those with no health issues to avoid it. Some may not believe they are yet old enough to think about estate planning. Or, they may believe that they have not yet acquired enough assets to think about distributing them.
The truth is that accidents and illness can fall upon adults at any time. Estate planning is also not only about items of monetary value. Sentimental items can be just as important.
Estate planning shouldn’t be delayed. All adults should consider seeking legal guidance to draft an estate plan that reflects their current wishes.