These are lies about estate planning. What is estate planning? Basically, it is arranging for the smoothest and least painful transition when you die. And it refers more to the business side of life, not the physical or spiritual side.
LIE #1: ESTATE PLANNING IS TOO EXPENSIVE
Many people don’t have wills or other estate planning documents because they think it’s too expensive. The reasoning goes like this: A will is a legal document, so you need a lawyer to do it. Lawyers are expensive. I’m not rich, so I can’t afford it.
If you believe this lie, have you ever priced out wills in your area? Have you contacted any law firms to find out the real cost? Prices vary based on the complexity of your needs and the area where you live and can range from several hundred dollars to several thousand dollars. You never know until you ask, and a good estate planning attorney may be able to set things up so that you’ll save more in taxes and fees when you pass away than the estate planning even costs. Usually, they are more than worth the expense.
If you feel you cannot afford this, go to the Foundation website www.na-umf.org - click Resources then “A Free Will” and follow the prompts, or simply contact the Foundation for assistance. This company offers basic, state-specific documents that fill a need and are much better than nothing. Because if you have nothing, then the state decides where your money goes and, more importantly, who raises your children.
LIE #2: ESTATE PLANNING IS ONLY FOR RICH PEOPLE
Believing that estate planning is only for rich people, is based on truth. Estate planning is really important for rich people if they want their wealth to actually go to their heirs. When Elvis Presley died, only 27% of his estate went to his heirs. The rest went to taxes, legal fees, and other costs. So estate planning is really important for rich people.
It’s also important for people without any money, too, though. You see, estate planning isn’t just about money. Especially if you have minor children. The most important part of an estate plan is designating who will raise your children if you both pass away. Money isn’t really all that important, but your children have eternal souls that will be shaped and formed by whoever raises them.
Also, estate planning documents should include a living will or advance directive. This states what kind of life-sustaining measures you want to be employed on your behalf. You only get to make that decision if you take the time to write it down as a part of your estate planning.
LIE #3: I CAN DO IT LATER
The morning of September 11, 2001, the most brutal terrorist attack in our nation’s history took place. Thousands of people went to work thinking it was just another day and never came home. It serves as a good reminder that we never know when our time will come. There have been too many people who have died young and unexpectedly to take tomorrow for granted.
Many people think they are invincible when they are young and don’t need to worry about estate planning until retirement. That’s simply not the case. We will all die and none of us know when. So, you might as well prepare for it so as not to leave your family with a big mess on their hands. Death is a hard topic for many people to discuss. But, if you care about those that you will leave behind, you should do some estate planning and get all of your documents in order. You won’t regret it.
If you have any questions about wills or estate planning please contact the Foundation.