There are many reasons why people wait to talk to Estate Planning attorneys about making an estate plan.
People don’t want to think about a serious sickness or death. Thinking ahead about getting sick, seriously hurt, or dying is not something that people wants to spend time to dwell on. However, if you don’t plan ahead, it could make it worse as there may be no plan in place for your care, for the management of your assets, or for the protection of your property and family.
People think it’s attracting bad fate. Many people are afraid if they make a will or think about death, they’re tempting fate and somehow increasing the chance that something bad will happen to them. Instead of being scared of your own “destiny”, you should look upon the estate planning process as simply being prepared for life’s uncertainties and surprises it may bring.
People think the process is confusing and costly. There are tons of legal documents and tools you could potentially use online to make your Estate Planning documents. Yet it is very confusing to try to figure out how to achieve your estate planning goals on your own. Also, the thought of paying high legal fees for documents that cost only a fraction of what you’ll pay an attorney will make people think twice.
WHY YOU SHOULDN’T WAIT TO SEE AN ESTATE PLANNING ATTORNEY
While it’s understandable that you may not want to jump into the estate planning process, you can cause yourself and your family a lot of hardship and sometimes a lot of financial loss if you procrastinate too long to put your plans in place. If you have no incapacity plan when you become incapacitated, your loved ones may need to go to Probate court and your assets could be reduced in value paying legal fees and court costs.
If you have no nursing home plan, you may be unable to qualify for Medicaid to pay for nursing home care, which is a big problem since Medicaid is often the only kind of insurance coverage that pays for the nursing home care many seniors require.Medicaid will gladly dig into your pockets aka your Estate and reduce it significantly.
At the end if you don’t make an estate plan, you and your family could end up in a very bad situation if something happens to you. You don’t want to be left without estate plans that are necessary to protect your family, asset and carry on with your legacy. You should work with an estate planning lawyer Palatine, IL offers as soon as you can to make the right plans you need in case you get sick or in case you pass away.Fortunately, you don’t have to do the estate planning process on your own — there are experienced attorneys ready to help you. Please hire one!
Thanks to Bott & Associates, Ltd. for their insight into estate planning and why people procrastinate about estate planning.