Common reasons why people put off developing an estate plan

As people age and raise their families, many begin to see the benefits of developing an estate plan. Even if they may not possess a large amount of assets, they still see the advantages of creating the plan in order to preserve these assets for their loved ones. However, a lot of individuals still refuse to develop an estate plan even though they understand the many benefits it provides. So here are some of the main reasons why people fail to develop an estate plan.

The first reason that people avoid estate planning is because they feel that they don't have the time. Typically, most people are overly concerned with the common day to day activities of their life and they believe that estate planning is a very time consuming and arduous endeavor. And while estate planning does involve some specific tasks, including naming an executor and a list of beneficiaries, this investment of time is one way to avoid a protracted legal battle by the testator's relatives. Developing a good estate plan is one way to make sure that the individual's wishes are carried out.

Another reason why people avoid developing an estate plan is because it forces them to think of their own death. While that may be true, it is also true that reflecting on the process while they are younger allows them to clearly think through any critical decisions that have to be made. While estate planning can be uncomfortable to think about, it is an important and all too necessary part of life.

Another reason for avoiding estate planning is that sometimes an individual may not understand the process entirely. However, speaking with an estate planning attorney can answer any questions a person may have. Any Missouri resident who is considering developing an estate plan may want to speak to an attorney in order to fully understand the peace of mind that these documents can provide.

Source: huffingtonpost.com, "Why we avoid estate planning," Accessed Sep. 21, 2015

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