Law Office of Katherine L. Floyd, PLLC

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Reasons We Don’t Create an Estate Plan

More than 50% of American have no formal estate plan. Of those who do, many of them are woefully out of date or were created without the assistance of an attorney and did not properly dispose of assets or protect interests.

We’ve heard all the excuses why people don’t create an estate plan. Let’s try to address a few of them:

“It’s too much hassle.”

We get it, sitting down with an attorney is no one’s favorite thing to do. (We’ll try not to be offended.) However, we’ve to streamlined the process as much as possible.

We have prepared a comprehensive Estate Planning Questionnaire that will walk you through all the information necessary and to make the most efficient use of your time. The Questionnaire is designed to gather necessary background information and get you thinking about the estate planning process and will serve as a guide for your consultation.

You can even schedule your consultation online - easy!

“I don’t have enough to justify estate planning.”

Do you have kids? A house? A bank account? A car? Life insurance or retirement through your job? If you answered “yes” to any of the above, you have enough to justify estate planning. Every adult, regardless of their financial or family situation, needs some form of estate and incapacity planning.

What most people don’t realize is estate planning is just as much about planning for life as it is about preparing for death. Among other things, a comprehensive estate plan will allow someone to make medical decisions and manage your personal and financial affairs if you were unable due to accident or illness.

“I don’t want to think about dying.”

No one does. But we’re all going to die one day. Sadly, most of us will suffer some period in our life of disability. We never know when the unfortunate will happen. When it does, your family is going to have to make decisions on your behalf. Planning allows you to be a part of those decisions. One of the best gifts you can give your family is the certainty of a well-planned estate. In the midst of sorrow, don’t leave them with more hassle and chaos.

“It’s just too expensive.”

Trust us, the cost of not having a plan is so much more.  A comprehensive plan for a family can run $1,000 - $1,500. For an individual with modest needs, the cost will be less.

Let’s compare that with the costs of not making a plan. The initial costs associated with a Guardianship can easily run $7,500 to $10,000. Guardianship is the legal process of having someone declared incapacitated so a family member can legally manage their affairs. This process is so expensive because it requires two attorneys, three medical experts, and court costs. Often a guardianship can be avoided with proper planning.

Additionally, many probates can be prevented or reduced with proper planning. Even a simple probate can cost $1,500 or more with more complicated or contested matters costing tens of thousands of dollars.

When you look at the alternatives - how can you afford not to have a plan?

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