It’s not uncommon for people to put off making a will. They wait until they are older to draft one, which can be risky, as anything can happen at any time. So, if having a will is significantly advantageous, why do some people postpone it?
Here are three common reasons:
1. Discomfort with mortality
Despite people accepting the certainty of death, it can be uncomfortable to think about it. And estate planning requires one to have challenging conversations surrounding incapacitation and death, which can make them postpone it. Changing your perspective from preparing for incapacitation and death to protecting your wishes and family’s legacy can help you.
2. Lack of enough assets
Estate planning is sometimes associated with wealthy people – those who have millions of dollars to leave behind. But this is not the case. Every adult should draft a plan. If you don’t, it can result in conflicts that may result in your family dealing with court proceedings over the assets you do have for a long time.
Additionally, estate planning is more than distributing assets and may need more than just a will. You can name a guardian for your minor child, a health care agent to make medical decisions on your behalf, a power of attorney to act on your behalf when it comes to financial and legal matters and so on.
3. It’s time-consuming
The belief that making a will is complicated and time-consuming makes some people avoid it altogether. However, gathering the needed documents, working with professionals and embracing technology can help you take less time than expected to have an estate plan. If you had postponed making a will for any of these reasons, it’s time to draft one. Legal guidance can help smoothen your experience.
