Estate Planning Expert Natalia Ouellette-Grice here, and I want to tackle a topic that often gets swept under the rug: Estate Planning Procrastination. You’ve probably heard these excuses before:
“I’ll do estate planning next year.”
“I’ll plan for my estate and incapacitation when I have X amount of dollars in the bank.”
“We are too young to have to worry about estate planning.”
“I’m healthy, why should I worry about incapacitation?” “We don’t have enough assets to worry about estate planning.”
“I’m married so my spouse can just handle everything if I become incapacitated.”
“Probate will be fast and cheap.”
“Guardianship is only for the elderly or children who lose their parents.”
“Guardianship will be fast and cheap.”
“I just need a simple will.”
“My spouse can take care of our kids if something happens to me.”
“My sister/brother/mother/oldest kid can take care of our children if something happens to me and my spouse.”
These are stories we tell ourselves, but the truth is, estate planning procrastination can bring serious consequences. Let’s dive into each of these myths and reveal the real costs of believing them:
Myth 1: “I’ll do estate planning next year.”
Life is unpredictable. COVID, heart disease, accidents – they don’t wait for your timeline. Next year is not guaranteed for any of us.
Myth 2: “I’ll plan for my estate when I have X amount of dollars.”
Compare the cost of a comprehensive estate plan to the expenses of guardianship and probate litigation. The choice becomes clear.
Myth 3: “We are too young for estate planning.”
Youth doesn’t shield you from accidents or illnesses. Incapacitation and death can strike at any age.
Myth 4: “I’m healthy, why worry about incapacitation?”
Health can change rapidly. High blood pressure, diabetes, and obesity statistics reveal we’re at higher risk than we think.
Myth 5: “We don’t have enough assets for estate planning.”
If you have assets like a home, retirement accounts, life insurance, and minor children, estate planning is vital.
Myth 6: “My spouse can handle everything.”
Without the right legal documents, your spouse’s authority is limited. Guardianship or expensive legal proceedings may be required.
Myth 7: “Probate will be fast and cheap.”
There’s no such thing as a cheap and fast probate. Even uncontested cases can be time-consuming and costly.
Myth 8: “Guardianship is only for the elderly or children.”
Accidents or illnesses can leave anyone incapacitated, regardless of age.
Myth 9: “Guardianship will be fast and cheap.”
Emergency guardianship is pricey, and even standard guardianships can be expensive and time-consuming.
Myth 10: “I just need a simple will.”
Simple mistakes in wills can lead to complex probate litigation.
Myth 11: “My spouse can take care of our kids.”
Unforeseen circumstances can leave your spouse unable to care for your children.
Myth 12: “Family can take care of our children.”
Your family may not be financially or emotionally equipped to care for your children.
Don’t let these myths hold you back from protecting your future and your loved ones. Schedule a 90-minute Legacy Planning Session by emailing clientcare@lcolawfl.com or calling us at 813-480-2106. Let’s debunk these myths and create a plan that ensures your peace of mind and your family’s well-being.