Studies that are conducted consistently produce disappointing results when it comes to estate planning preparedness. A solid majority of American adults have no estate planning documents in place, and this lack of planning is not confined to the younger age groups.
Why do so many people fail to prepare for an event with financial ramifications that will happen to everyone? There is no one answer, but there are multiple emotional barriers that often keep people frozen with inaction.
Stigma Attached to Thinking About Death
For whatever reason, a lot of individuals do not want to address the subject of death and dying. Though it is tempting to say that it is understandable, in reality, a reluctance to address one of the core facts of life is an emotional blockage that should definitely be transcended.
There is nothing that you can do about the inevitability of your own mortality, but you can take intelligent, pragmatic steps to state your final wishes in writing. In addition to the matter of financial transfers, you should also address end-of-life issues when you are planning your estate.
It can be hard to surrender control of your assets in any way, shape, or form, and this is one of the emotional obstacles. At the same time, this should not stop you from putting a plan in place.
A well-constructed estate plan can actually keep you in the driver’s seat as long as you are alive and well.
If you use a revocable living trust as the centerpiece of your estate plan, you could act as the trustee and the beneficiary, so you would have complete control of the assets. In the trust declaration, you could name someone to act as a disability trustee in the event of your incapacity.
Yes, the second part can be disturbing, but you have to be aware of the fact that 40 percent of people that are 85 and older have Alzheimer’s disease. It is not uncommon for people to live to this age and beyond, and Alzheimer’s is not the only cause of incapacity.
Even if you use other asset transfer methods, you do not suddenly lose complete control of your resources, so you should discuss your options with an estate planning attorney.
There are those that know that they should put a plan in place, but they find it hard to commit to sharing personal information with an attorney that they have just met. If you are in this category, you can set those concerns aside.
We consistently hear positive feedback from clients that tell us that we have the unique ability to put people at ease from the start. You will definitely feel comfortable whenever you interact with anyone on our team.
The last factor that we will look at here is the matter of legal fees. Some of the unprepared people out there hesitate because they assume that estate planning attorneys are extremely expensive. This helps to fuel the myth that professionally constructed estate plans are only useful for the wealthy.
You will find that our rates are surprisingly affordable. Plus, a well prepared estate can actually help you preserve more of your legacy for the benefit of your loved ones.
Schedule a Consultation Right Now!
If you are currently going through life without an estate plan, you have to make the move at some point, and there is no time like the present.
We would be more than glad to discuss your objectives with you in person. After we gain and understanding of your financial situation and your family dynamic, we can make the appropriate recommendations. At that point, if you decide to move forward, we can help you create a custom crafted estate plan that is ideal for you and your family.
You can set the wheels in motion right now if you give us a call at 310-337-7696. There is also a contact form on this website that you can use if you would prefer to send us a message electronically.