Top 5 Excuses For Delaying The Estate Planning Process
According to the National Institutes of Health (NIH), people may develop “greater psychosocial comfort” when they tackle death-related issues head-on. Although these “existential questions” might seem daunting, a proactive approach could lead to a sense of peace and emotional growth. In contrast, the NIH warns that “dysfunctional coping” methods could lead to psychological challenges. For example, an individual might delay the estate planning process because they do not want to be reminded of their own mortality. This is just one example of an excuse for deprioritizing estate planning, and most of these justifications do not hold up to scrutiny. Those who feel hesitant about this process might want to speak with experienced estate planning lawyers in Florida. During this meeting, an individual may learn more about the benefits of trusts, Wills, advance directives, and more. Continue this no-obligation dialogue by contacting Loughlin Law, P.A. at (561) 677-8384.
1. “Estate Planning Is Only for Old People”
Many young or middle-aged individuals believe that the estate planning process is solely reserved for the senior population. While it is true that people tend to begin this process only after reaching old age, young people can benefit tremendously from estate planning. In fact, waiting until old age could pose problems related to mental incapacity. If someone becomes incapacitated due to dementia or other concerns associated with old age, they may be legally unable to write a Will, establish a trust, or create advance directives.
Estate planning may be particularly important for young people with significant wealth, growing families, or both. For example, someone in their early 20s might earn a six or seven-figure salary. A young person might also have to consider what will happen to their family if they pass away unexpectedly. Aside from a Will, young professionals may also consider life insurance or spendthrift trusts to provide for their loved ones if they pass away.
2. “I’m Not Rich Enough for an Estate Plan”
People also tend to assume that the estate planning process is only for the wealthy. First, it is important to understand that aside from addressing assets, an estate plan can also help with financial and medical decisions. With an advance directive, individuals both young and old can make medical decisions and designate health care surrogates. An advance directive goes into effect when a person becomes incapacitated. People of all ages may become incapacitated due to brain damage, comas, and other medical issues. The Florida Agency for Health Care Administration states that an advanced directive or “living will” can dictate when patients will be removed from life support, whether their organs will be donated, and much more.
Estate planning may also prove beneficial for those who worry about passing away with considerable debt. In Florida, the family estate “inherits” these debts. An estate planning law firm like Loughlin Law, P.A. may be able to help debtors consider their options in this situation, and it might be possible to reduce financial burdens for surviving family members. Planning for asset abatement may prevent sentimental or valuable assets from being liquidated to satisfy debts during probate.
3. “I’m Too Busy With My Career/Family”
People often feel like they do not have enough time to think about estate planning due to family or work commitments. While scheduling might be challenging, the estate planning process can be helpful for both families and professional careers. First, an effective estate plan may make life easier for surviving family members. Without a Will, the decedent dies “intestate.” This can make probate time-consuming and expensive for beneficiaries. Intestate succession also means that Florida probate courts will distribute assets in a formulaic manner, potentially going against the wishes of the decedent. A well-organized Will or Trust can also ensure financial stability for dependents such as spouses, minor children, and seniors.
Professionals and entrepreneurs may also benefit from the estate planning process. Business succession is an important aspect of estate planning, and it allows entrepreneurs to ensure the long-term survival of their businesses. This might involve selecting and training new CEOs, directors, or leaders. An entrepreneur may also use a power of attorney to select an “agent” who will make financial and business decisions on their behalf if they ever become incapacitated.
4. “I Don’t Want to Think About Death”
Some may be reluctant to approach the estate planning process because it feels like a reminder of death. While these discussions may be challenging from an emotional perspective, they may also lead to a sense of peace and closure. On the other hand, those who delay estate planning may become increasingly anxious about unresolved decisions. While estate planning is undeniably linked with death, it may also provide opportunities for lifetime gifting, living trusts, and many other processes that Florida residents can enjoy before their passing.
5. “It Doesn’t Matter What Happens After I’m Gone”
Regardless of spiritual beliefs, many people feel relatively apathetic about what happens on Earth after their passing. No matter how much wealth someone accumulates during life, they cannot take it beyond the veil of the living world – and whatever lies beyond. This undeniable truth may make some people feel that estate planning is pointless.
However, it is important to understand that the assets someone leaves behind can make a real difference in various ways. Residents might consider charitable bequests to meaningful organizations, and these donations could provide certain tax benefits. A grandparent may also leave enough funds to cover college tuition for their grandchildren. A spendthrift trust could provide a reliable source of income for loved ones, even if they struggle to manage money.
Discuss Estate Planning Options With Loughlin Law, P.A.
There is no law requiring Florida residents to create estate plans. The estate planning process is optional, and there is nothing illegal about ignoring it. However, it is something virtually anyone can benefit from. People should be realistic about their true reasons for delaying the estate planning process. Death-related anxiety can be a powerful influence, and it does not make sense to let emotions guide financial and medical goals. The creation of a basic Last Will and Testament is not a time-consuming, expensive, or complex process. Even the busiest individuals can probably spare a few hours to talk about their options with a professional. Many of these excuses stem from a lack of understanding, and a meeting with an experienced estate planning lawyer in Florida might help residents feel more confident about the next steps. Consider contacting Loughlin Law, P.A. at (561) 677-8384 to continue this discussion.
