Ten Great Reasons to Blow Off Your Estate Plan - Not!Submitted by HearthStone | Private Wealth Management on August 18th, 2015
APRIL 13, 2015
Ten Great Reasons to Blow Off Your Estate Plan - Not!
It's almost the adult version of "The dog ate my homework."
To what am I referring? I’m speaking of the many otherwise mature, thinking adults who balk, ignore, or waive an admittedly tough assignment: creating an estate plan.
If starting work on an estate plan seems like too much heavy lifting, be assured: it pales compared to the tangled nightmares that can and will ensue in its absence. Then why are so many successful people walking around without one? HearthStone went in search of answers. We asked a few of our professional colleagues to share some of the best unedited excuses they could think of.
Their list, in no particular order is:
- “I know money issues will never come between our family.”
- “My kids can and will pay for my long term care and other needs.”
- “I don’t mind losing my home to foreclosure.”
- “The State of California is perfectly capable of creating a plan for me on their terms.”
- “I would rather live in a facility than in a community.”
- “I would rather deplete all my assets than leave a legacy.”
- “I would rather my kids spend money in the probate court than I would spend a small fee planning my estate.”
- “My spouse and I don't want to listen to reason. Living in ignorance is bliss. We would rather fall down the stairs than lose our independence.”
- “I will never need support or assistance from my business; that's what having kids is for.”
- “If I don't plan my estate, then my children might not have any inheritance to worry about anyway.”
Of course these are not the recommendations of HearthStone or its professional colleagues. Quite the contrary. And we always advise individuals to seek legal counsel, which we don’t provide.
Yet the pushback and procrastination continue. It’s true: You can’t take it with you. You’ll be dead, so why care?
Well, we believe if you only have one other person (or even a beloved pet) on the planet that you care about, do it for them. It’s more likely that you have many significant people in your life. Do them the ultimate courtesy of defining your wishes, backed up by a legal plan. That’s something no canine can ever destroy, plus it just might have your loved ones wagging their tails in unison.