What are you waiting for?

When I meet with a client for the first times, one of the very first questions I ask them is why they wanted to meet with me and why are they coming in for estate planning now.  I constantly hear people tell me they have been putting it off and putting it off and putting it off.  But what is it that finally brings them in.  It's typically one of four reasons:


• Travel.
• Hospitalization or terminal medical diagnosis
• Change in family status (marriage, divorce, death, birth of a child)
Many of the reasons that cause people to stop procrastinating and get things in order is when they are forced to face their own mortality.  For many, once we begin to come to terms with the inevitable, we begin taking those steps to prepare and protect our loved ones. 

Without some "push" we can easily find an excuse to put this on the "to do" list but never get it done.  Here are some common excuses:

• I/We don't have time
• I/We can't get all the paperwork together
• I/We don't have the money
• I/We need help from a family member and that person is just too busy
• I/We don't have much and therefore don't need anything
• Don't know anyone who I would want to have raise my kids if something happens to us
• Don't have the money, and for many superstitious people....
• If we do it (write a will, buy life insurance, etc.) something bad will happen to us

What I always find though is that once people do get it done, they always feel so much more secure and confident.  The answer to many of these questions lies in one of a few answers....

• Time:  It may take a few hours now, but it will take your loved one years later if you don't
• A small investment now will same your estates tens of thousands later
• Everyone need some planning - unless you want someone else to make your decisions for you.... like the State and a Judge.
• If you don't pick someone to raise your children if you can't, the State and a Judge will decide for you.
• If you do it or don't do it.... we are all going to die someday.  Being prepared will only make it easier for your loved ones to grieve since there will be a lot less hassle.

If you can't focus on estate planning right now, set a timeline.  Don't wait until you are rushed, scarred or after it's too late.  Create a savings plan for it if money is your issue (don't skimp though... you get what you pay for).  The next time something gives you that big "push", jump on it, call us, I am sure you will feel so much better when it's done. 

CONSERVATORSHIPS - The result of not preparing.

Client's mom & dad did their own trust. Dad is deceased and mom has alzheimers. Trust wasn't done right and there was no power of attorney. For son to get mom's property into her trust, he has to go to court to be appointed a conservator of mom's estate. Have your parents set up their estate plan properly? Call Amy Alvis at 516-1617 for an estate plan consult.

I'll DO IT TOMORROW

Don't we all just love thinking about making our legal plans and thinking about our own mortality? I mean, really, there is just nothing more exciting, right? Okay really, we'd much rather spend our time watching water boil than think about who will take care of our kids if we should die or who will be the one to tell the doctor to pull the plug if all hope is lost.

Did you know that it is estimated that only about 1/3 of all adult Americans have actually taking the time to prepare the life and estate plans? So what about the other 2/3 of the population? Are they just simply irresponsible. Not likely. So maybe it is just a matter of procrastination. I mean, if we're young, healthy, etc, thinking about our death seems years away.

So what causes people to procrastinate with this very important task people must handle.
It really is normal behavior to avoid things that are unpleasant. How many look forward to doing our taxes... even if we know we will get a refund... it is just the "hassle" of gathering all the paperwork. We all know that death is unavoidable and that we should get our affairs in order to prepare for it and to ensure our families are protected. But since most adults under the age of 60 do no see their death as being in the near future, they don't see the urgency to plan now.

I mean, people are living longer these days so even if you live to a ripe old age, however, the downside is that, the longer you live, the greater your chances of wearing out physically and mentally before you pass on. Have you visited a nursing home lately?

So part of the "unpleasant-ness" of estate planning is people's age (or lack of old age for some), for some it may be the "hassle" of paperwork, for others it may be avoiding interpersonal relationships. For example, maybe you are not on good terms with family members and therefore, deciding who will take care of your children and/or who should inherit your assets, is some you have no idea what to do about. Whatever the reason, is really is just another excuse.

Excuses, Excuses - we all have them and I am sure we all can justify and rationalize a "reason" why we procrastinate on something. It is an amazing talent we, as humans, have mastered to a tee.

Take these rational excuses as examples to why someone has not set up their estate plan yet:

"We don’t have time, because we are getting ready to do some traveling."

Ironically, most people spend more time packing their luggage, than they do making proper estate plans. And in the the worse case scenario... what if something happens during the flight?

"My son can’t get away from work to come with me for an initial consultation."

Well, if you wait until you are incapacitated or dead, your son can take off work to sort through your assets, squabble with his siblings, hire an attorney and develop an almost first-name relationship with the probate judge.

"Since my children all get along, there’s no need to bother with any planning."

That may be true, but will they know your specific wishes for your home, your bank accounts and your investments, not to mention your heirlooms like the kind over which you and your siblings fought after your parents died.

"We don’t have an estate tax problem." or "Why, my business has no value without me."

Perhaps, but the IRS may not agree with you, especially given your inventory, equipment, real estate, loyal customer base and goodwill.

"It’s too expensive."

You have spent a lifetime working hard to build your estate. A small investment now will save potentially tens to hundreds of thousands of dollars in unnecessary probate costs and taxes. What price tag can you put on that kind of peace of mind?

SO WHAT ARE YOU STILL WAITING FOR?

Don't we all know someone or a friend of someone who has gone through the devastating emotional and financial hardship when a loved one has passed away without proper planning. Wouldn't you sleep better at night knowing you wont have to place your family in that predicament when you overcome your estate planning procrastination.

Schedule an estate planning consultation today... it's free... so what are you still waiting for? Call 925-301-7195 or visit www.LivingTrustsbyAmy.com for more information.