frequently asked questions

Why Do People Avoid Or Delay Creating An Estate Plan?

Why Do People Avoid Or Delay Creating An Estate Plan?

No one wants to talk about death or incapacity. It’s not a fun subject to think about. We find that a good number of people come to us because either they’re planning the birth or adoption of a child, there’s been a death in the family, there’s been a divorce, they are planning to travel, or there’s been some other prompting factor. Some people just realize that it’s time to start planning because it’s the adult thing to do.

Many people think they don’t have enough assets to warrant planning because they just don’t understand how estate plans work. People assume that when they pass, their property and possessions will automatically go to either a spouse or to their children. Often, we find that the spouse or children, when they try to sell or transfer that property, run into issues where they had no idea that something more needed to be done upon someone’s passing. When parents are deceased and there are multiple children in question, sometimes the children no longer get along or some of them have passed. They are left with a very complicated situation with many heirs involved. At that point, the property may be so diluted that it becomes cost-prohibitive to clear up the title because if they don’t all cooperate and agree, going to court takes so much time and expense that it eats up the value of the property. Many times, people don’t understand the importance of making a plan so that what they want to be done actually happens.

What Happens If Someone Passes Away Without Having An Estate Plan Or A Will In Place?

If you have a will, the will gives you control. You get to determine what actually happens. The legislature wants to protect heirs. If you don’t have a will, there has to be a determination as to who the heirs are, in addition to appointing someone to be the administrator of the estate. Without the agreement of all the heirs, it requires an administration, which is lengthy and expensive because it requires court permission to do everything in settling the estate. Having an estate plan drastically reduces the time and expense it takes for the beneficiaries or heirs to clear up the estate and ensures that when you’re gone, what you want to happen will happen. Having an estate plan is not for the person making it, it is for the people left behind dealing with it.

For more information on creating an Estate Plan, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (830) 625-9300 today.