Estate Planning

Top 10 Excuses for Failure to Plan One's Estate

By Gregory Herman-Giddens

Most folks never get around to doing any estate planning, even so much as a simple will.  Why?

1. I'll do it later, when I'm "older."
2. It costs too much.
3. I don't like lawyers.
4. I don't have time.
5. It's too complicated.
6. I don't have enough assets to worry about.
7. I don't know whom to name as executor of my estate
8. I don't know whom to name as guardian for my kids.
9. I don't know how to find a good estate planning attorney.
10.  I don't care.

My responses, bluntly:

1. What happens if you never get "older."
2. Compared to what?  The mess that will result from failure to plan?
3. Then you haven't found the right one.
4. Make time.  It's that important.
5. Yes, sometimes, but a good estate planning attorney will be patient and provide explanations.
6. Even if you own nothing, don't you care who will make decisions for you if you become incapacitated?
7. Okay, the state will name one.
8. Same as above.
9. Ask friends, neighbors, colleagues, etc.  Check credentials and compare attorneys on the web.
10. Then, my friend, you've truly stumped me.

Full post as published by North Carolina Estate Planning Blog on October 01, 2008 (boomark / email).