The majority of Americans do not have a will or trust to guide how their property is handled after they pass away. Although it may be an uncomfortable topic, life is uncertain, and it is important to have a plan in place. When a person dies without a will or trust in place, their property is left to heirs according to a certain hierarchy that is established by law. This will leave concerns about who will bear the responsibility for arranging and administering the estate. It also severely limits the ability of a family member or friend to have a say in how the estate and corresponding assets are managed and distributed.
While some people have very specific reasons for estate planning, such as wanting to be sure a sick child is properly cared for, everyone has reasons to take matters into their own hands. The following are some common reasons people avoid estate planning.
Younger people tend to think they are just getting started in life and do not see any need to plan their estate. While it is a common theme, it is not advisable. Young people can have a relatively easy time preparing a will because they are not likely to have extensive financial entanglements or lots of relatives to consider.
Preparing a will while young will enable a person to establish a foundation for understanding the basics of estate planning. Most ordinary wills do not take much effort to craft and usually take even less effort to revise. This is especially true when it comes to making minor adjustments as opposed to large-scale revisions.
Having a Small Estate
Often, people view estate planning as something only wealthy people do. It is true that wealthy clients can take advantage of significant tax benefits using careful estate planning. However, the advantages of estate planning are not so limited. Estate planning involves having a will or trust to identify who will administer the estate and distribute assets. However, other issues are also addressed in estate planning.
Administering any estate can take a great deal of work. It involves identifying assets, probate of the estate, and distributing personal items and property. Tasks such as paying bills, cancelling subscriptions, as well as contacting family members, and planning a funeral must be done. Leaving all these issues unresolved is a disservice to the survivors.
Concern About Costs
Costs of estate planning will vary and depend on the complexity of the estate. The costs could end up saving time, money, and effort in the long run. Estate planning can address many practical issues. Having a durable power of attorney in the event of incapacitation enables a trusted family member, friend, or associate to handle day-to-day finances to avoid financial ruin or mismanagement. It could also save relatives from having to spend a lot of money. A knowledgeable lawyer can help their client with estate planning.
Media Estate Lawyers at Eckell Sparks Provide Legal Advice to Clients with Estate Planning Needs
Estate planning is worth the effort, and one of our experienced Media estate lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. can make the process easy and understandable. Call us at 610-565-3701 or complete an online form for a free consultation. Located in Media and West Chester, Pennsylvania, we serve clients throughout Delaware County, Chester County, and Montgomery County.