26 Oct Are You Afraid to Write Your Will?
Spiders, ghosts, and skeletons abound this time of year. And while most people enjoy scary things like haunted houses and horror movies, they often harbor secret fears. Being afraid to write a will is one of them. But don’t worry—there’s nothing scary about estate planning when you have an expert by your side.
If You Have a Fear of Estate Planning, You’re Not Alone
There are very few people who actually enjoy pondering their own demise…most of us would rather not think about the inevitability of death. So we put off things like writing a will or creating an estate plan.
But estate planning covers far more than who inherits your property, and it is important for adults of any age. It’s not just about recording your final wishes—it can help you protect yourself and your assets during your lifetime, too.
You can use estate planning to:
- Appoint legal guardians for your children or caregivers for your pets
- Stipulate what type of medical care you wish to receive
- Spare your loved ones the grief of having to make end-of-life decisions for you
- Transfer your assets and family heirlooms to the right people
- Make charitable donations to support causes you care about
- Keep your personal assets separate from your business assets
- Reduce your taxes, avoid probate, and prevent family disputes
What Happens If You Die Without a Will?
Many people dread making a will. For some, it’s the sense of finality. Others have a superstitious belief that writing a will somehow brings their death closer. But the truth is that no one knows how long they will live, so it’s better to be prepared. Just in case you die suddenly, or go into a coma because of an accident, you need to have an estate plan in place.
If you die without a will, you have no say over what happens to your remains, to your children and pets, or to your assets. Your estate will have to go through probate, where the court will decide who cares for your children and who inherits your property. And none of your wishes will be fulfilled—you won’t be able to make a donation to support your local library, or leave your vacation home to your best friends.
Estate planning can also protect you during your lifetime if you ever suffer an injury or illness that makes you unable to speak for yourself. Drafting a medical power of attorney document that details your preferences for medical care and appointing a personal representative will ensure that you only get the treatment you want.
Turn Your Fear of Estate Planning into Peace of Mind
Estate planning is a lot easier when you have a professional guiding you along the way. We understand what you’re going through, and we can answer all of your questions. We’ll help you write your will and build a strong estate plan, so you won’t have to be afraid anymore. The team at Phelps LaClair is here for you—contact us to schedule a free estate planning consultation today.
Photo by Kenny Eliason on Unsplash used with permission under the Creative Commons license for commercial use 10/24/2023.