Many individuals find it difficult to confront the topics of mortality and finances, which are two issues that are at the heart of estate planning. This is especially true if you are healthy and feel like you don't have much money.
It’s Natural to Feel Anxious
Estate planning is often an unfamiliar and uncomfortable subject for most people, and it's natural to feel anxious or inadequate when facing it. Unlike other tasks, there is no set deadline for creating wills, trusts, and powers of attorney, and the deadline may arise suddenly without warning. Moreover, estate planning may not be a fun or enjoyable task, but it's a necessary responsibility of being an adult.
The Cost of Hiring a Lawyer
The cost of hiring a lawyer is a common concern for many people, but it's important to remember that not all lawyers deserve this reputation, and finding a good lawyer can provide peace of mind and save you significant legal fees in the future. The amount of paperwork involved in estate planning can also be intimidating, but seeking clarification and asking questions can help make the process less overwhelming.
Not Realizing the Benefits
One of the most significant challenges with estate planning is that the benefits of the plan will not be realized until after you have passed away, and it can be challenging to prioritize this task until you fully understand your family's priorities. Additionally, making decisions that may not align with the wishes of your loved ones can be difficult, but ultimately, your desires should take precedence.
It’s a Daunting Feeling
The scope of the task can also be daunting, but it's important to remember that estate planning doesn't have to be a large or time-consuming task. However, procrastination and a desire for perfection can lead to unnecessary delays and complications. Guilt and fear of procrastination can also create a cycle of delay that may require professional assistance to overcome.
Weigh the Risks
It's important to recognize that these challenges are understandable, but delaying estate planning can have significant negative consequences. Avoiding this responsibility may result in your worst fears becoming a reality. Therefore, it's essential to weigh the risks of procrastination against your fears and take action. Seeking professional assistance can help you overcome your obstacles and provide peace of mind for yourself and your family.
If you need help getting started with your estate plan, Varela Law can provide an extensive estate planning strategy to help you begin the process. Contact us for a consultation.
