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Member You - Wills and Trusts: Four Reasons People Delay & Shouldn't
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Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating o
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Why do so many people put off estate planning? There are four major reasons people delay creating their will or living trust.
Reason 1- Some Are Intimidated by Lawyers
People are intimidated by lawyers and the legalities involved in estate planning-Overcome this problem by finding an attorney with whom you feel comfortable. Do not hesitate to ask your prospective attorney questions, even if you think they might seem silly. Don't feel bad because you don't understand the entire field of estate planning-that's why you pay an attorney. Also, choose an attorney with experience in the estate planning field. You need someone you can count on to handle all the legalities for you.
Reason 2- They Think It Is Too Expensive
People believe that estate planning is too expensive-you can dispel this problem by thinking of estate planning as an investment, not an expense. Remember, the national average cost of probate is 5 to 10 percent of the value of the estate. A living trust is actually one of the most profitable investments you can make. I have never seen a probate that cost less to settle than a trust. Furthermore, if the estate is over $2 million in value, living trusts may save money on taxes. Although I'm a great proponent of patriotism, I don't want Uncle Sam, lawyers, and accountants to benefit from your life-long hard work.
Reason 3- People Don't Want to Face Their Own Mortality.
Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating on
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Reason 2- They Think It Is Too Expensive
People believe that estate planning is too expensive-you can dispel this problem by thinking of estate planning as an investment, not an expense. Remember, the national average cost of probate is 5 to 10 percent of the value of the estate. A living trust is actually one of the most profitable investments you can make. I have never seen a probate that cost less to settle than a trust. Furthermore, if the estate is over $2 million in value, living trusts may save money on taxes. Although I'm a great proponent of patriotism, I don't want Uncle Sam, lawyers, and accountants to benefit from your life-long hard work.
Reason 3- People Don't Want to Face Their Own Mortality.
Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating o
WARNING - Read This or Risk Going Broke Like 96% of the population!This may shock you but the Bureau of Statistics shows that 96% of the population at age 65 end up dead or dead broke on a pension. Only 3% become financially independent, and only 1% at age 65 will become rich and there is a similar pattern in most western countries including Australia, New Zealand, USA, UK, Cana
Reason 2- They Think It Is Too Expensive
People believe that estate planning is too expensive-you can dispel this problem by thinking of estate planning as an investment, not an expense. Remember, the national average cost of probate is 5 to 10 percent of the value of the estate. A living trust is actually one of the most profitable investments you can make. I have never seen a probate that cost less to settle than a trust. Furthermore, if the estate is over $2 million in value, living trusts may save money on taxes. Although I'm a great proponent of patriotism, I don't want Uncle Sam, lawyers, and accountants to benefit from your life-long hard work.
Reason 3- People Don't Want to Face Their Own Mortality.
Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating o
This does not happen very often, and when it happens it hits you in a very powerful way: You live your life, take care of your things, are busy every day... and at the same time, in the back of your mind, you think thoughts that you hardly know you're thinking. But they are there, they are significant and they are new.Then, from time to time it so happens that
Reason 3- People Don't Want to Face Their Own Mortality.
Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating o
Negotiation is a big part of the business world. Every day, businessmen and women negotiate to close big deals. However, negotiation is also used to solve disputes between one or more parties. Negotiation is used to allow all parties involved feel that they have come out winning. The power to be a skilled negotiator is not something you are born with, it takes years of practice to hone
Many people find it difficult to confront their own mortality. Let's face it, when people deal with estate planning, they're dealing with death. Some people have a vague superstition that if they face death, it'll happen. Well, the sad news is that if they don't face death, it will still happen! Procrastinating on estate planning doesn't postpone death. Rest assured that no one has figured out how to accomplish effective estate planning after leaving this earth.
Instead of dwelling on estate planning as a death process, think of it as a life process. Proper estate planning ensures quality of life for your loved ones and peace of mind for you. The best time to stop procrastinating is now!
Reason 4- Urgent vs. Important
In his brilliant book The Seven Habits of Highly Effective People, Steven R. Covey explains the concept that certain actions or activities are important, though not urgent. Estate planning falls into that category. Urgent things demand your attention right now, this instant-such as a phone ringing or a dinner burning. Estate planning is important and becomes urgent only when a life-threatening event such as a heart attack or accident occurs. But then it may be too late. The process of estate planning isn't nearly as painful or time consuming as most people fear.
Do Something TODAY!
Talk to your spouse. Organize your papers. Make any necessary phone calls. The estate planning process requires several weeks from initial consultation to signing. Start this important process today before it becomes urgent!
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