There are two things that are constant in this world – death and taxes. No one wants to talk about it. Because it is quite stressing. Are you afraid to talk about your will? Do you experience cold sweats thinking about how you will live in case your spouse dies? These are just some of the examples of emotional blocks to estate planning.
Overcoming the “D” Word
The first hurdle that you need to overcome is facing your very own mortality. A good estate planning lawyer will use different words to use as a euphemism for death then use it in order to make the client more at ease for the rest of the discussion. People will say anything except use the phrase: “When I die”. Unless you are already at ease about your own mortality, people are more likely to respond to different terms like: “kick the dust”, “six feet under”, “pass on” to name a few. There are also some people that are superstitious about death. They believe that making a will can bring their death sooner rather than later.
Loss of Control
Fear of losing control of one’s assets is another reason why people forego estate planning. What you need to keep in your mind is estate planning does not give your assets away, it protects it. A lot people know that they have to deal with a lot of taxes when they die but are afraid of transferring control of their assets to their kids. They probably have heard of too many horror stories about ungrateful children that threw away their inheritance and forgot all about their parents. Most people simply want it both ways meaning they want complete unfettered access on all their assets and they do not want to pay a single dime to the government. There are methods that allow transfers while at the same time retaining majority control, and there are also ways that estate planning can protect your money.
Working With An Estate Planning Lawyer
Some people also avoid estate planning for fear of having to deal with a lawyer. What they are most afraid of is having to pay an exorbitant amount in legal fees, or worse, the attorney is not going to follow their wishes and will just create a standard estate plan that does not cover all the details and wishes they want enforced. The answer to overcoming this fear of lawyers is to find the right lawyer for the task at hand. As such, a referral from a trusted colleague, friend or relative is often the best method. Ask your friends or family whom they recommend. Like many important decisions, do some research on your own. Have a sit-down with the lawyer and ask all the questions you like and if you don’t like what you hear, just walk away and find someone who will.
Expense To Preparing Estate Planning Documents
How much will it all cost? Will it take a huge chunk of what I want to give to my beneficiaries? Fear of expense is another reason why people forego estate planning. What you need to know is that estate planning is not really all about you. It is for the loved ones you leave behind when you’re gone. You yourself will not feel the weight of estate taxes but your beneficiaries will if you do not put things in motion in order to prevent that. Leaving a well thought out plan is the best gift you can give to the surviving members of your family. Arrange your affairs while you are still healthy and of sound mind and body. This will provide your family with the most good once you have passed on.