“We’ve been waiting 10* years do get our Trust done.”
*Insert any number of years and you’ll have the most common thing that Clients tell us when they come in for consultations. Today, we discuss the top reasons behind clients delaying creating their will and trust.
Reason # 3: Its not urgent (and its not in the plan).
We are conditioned in society to do certain things on a certain timeline. Graduate from high school, then college, then maybe a masters or another secondary degree. Then find a life partner, get married, have children, buy a house, start putting money away for retirement. Making a Living Trust and preparing for worst case scenarios is not on the map.
When someone opens a new bank account or purchases a home, making a Living Trust comes to the forefront of the mind but then people get busy with the other things that are more urgent in their families, careers, and the life plan and the thought of making a Living Trust and Will goes to the back of the mind again.
We’ve noticed that when someone suffers the loss of a close loved one or the tragic or unexpected loss of an acquaintance, the sense of urgency prevails and people make it a goal to consult an attorney.
Reason # 2: People think it will be unpleasant.
Several months ago, a female client about 70 years of age came in to get her estate plan completed and was eager to get this off her plate after years of thinking about it. After the entire estate plan was completed, and we were ready to deliver it to her, she kept making small, insignificant changes. After a few weeks, while speaking with her, she mentioned her health problems, and how she had always been the healthiest in her family but was slowly starting to realize that she may not always be independent and that her children may have to take care of her-which they were happy to do.
The anticipation that you won’t always be independent or healthy is a scary prospect for a lot of us. It is hard to think about the worst-case scenarios. Partly because it is a lot easier to prepare for things that are pleasant and that we look forward to.
After speaking with the client, and explaining to her that what she was doing was actually providing her children with direction and that this was the best way to retain control over her health and wealth, instead of the alternative, which would be to let her children decide what to do and end up in court to make decisions for her health and wealth.
A day later, with relief and resolve in her voice, she signed and notarized her documents and crossed this important item that had been on her to-do list for decades!
In reality, preparing to protect your health and wealth is far from unpleasant and for most people, it is a sigh of relief knowing their family and their future is protected.
Reason # 1: People do not realize they need an estate plan.
There is no one person or entity monitoring who needs an estate plan so it falls on people to know and to go to reliable sources for that knowledge. There are a lot of myths about estate planning so people do not always realize that they’ve crossed the threshold after which a living trust becomes necessary. It is a matter of education and having a reliable source for that knowledge.
If any of these reasons have been holding you back, we are here to tell you that the process, if done right, is smooth and quick.
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Disclaimer: this blog post does not constitute legal advice and does not create an attorney-client relationship. It is an informational piece that solely expresses the author’s opinions.