27 May Debunking the 4 Main Reasons People Do Not Have an Estate Plan
Here at Phelps LaClair, we know how important estate planning can be, and we want to make sure that you do as well! We want to eliminate any misconceptions you may have about estate planning, so you can protect yourself and your family’s future.
The benefits of estate planning extend to everyone you care about. A good estate plan can:
- Protect your assets and determine exactly how they are distributed
- Help your loved ones get what you want them to have without any hassle
- Minimize probate or eliminate it altogether
- Protect your family from needing to make difficult decisions
- Make your retirement easier
If you haven’t created an estate plan yet, you certainly aren’t alone. A recent report found that only 33% of Americans have an estate plan. When people were asked why they haven’t yet set up an estate plan, they typically gave one of the following excuses:
- They thought they did not have enough assets
- They just haven’t had time to get it done
- They didn’t know how to set up an estate plan
- They thought the process would be too expensive
In our line of work, we come across a lot of misconceptions about estate planning. Let’s debunk these four main excuses for not having an estate plan.
Eliminating Estate Plan Excuses
Excuse #1: Not Enough Assets
People often assume that to need an estate plan, they also need to have a mansion, a garage full of sports cars, a yacht, and tons of money in the bank. The truth? An estate plan fits any assets you have, no matter how large or how small.
The will or trust in your estate plan helps ensure that the property you own goes exactly where you want it to after you pass on. Without that documentation, your money and other assets could potentially land in probate, causing legal headaches for your loved ones.
Excuse #2: Not Enough Time
We know that it can seem like there are never enough hours in the day to get everything done. However, sometimes it is necessary to slow down a bit and make time for the important tasks in life. One of those important tasks is setting up an estate plan.
The good news is that setting up an estate plan is not very time-consuming at all. Once you meet with an estate planner and give them the necessary paperwork—such as a current financial statement and information about your assets—within a few short weeks, your estate plan will be ready.
Excuse #3: The Process Is Too Expensive
Most people are pleasantly surprised at how affordable the estate planning process is at Phelps LaClair. Our goal is to make estate planning accessible to everyone, regardless of their financial status. And although there is an expense involved, the benefits of estate planning make it a worthwhile investment.
Excuse #4: Not Knowing How to Start
This is certainly the easiest excuse to debunk since this is what we do all day, every day! Estate planning may seem confusing and even scary. Our job is to break the process down in an easily understandable way. And we will walk you through the entire process, answering every question you have the entire time.
Understanding the Benefits of Estate Planning
When people come into our office and tell us about their life and assets, they almost always ask, “Do I need an estate plan?” And our answer is always a resounding YES. No matter what your life looks like, or how many assets you have, the benefits of estate planning far outweigh any of the excuses for putting it off.
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