Don’t Procrastinate On Estate Planning: The Pitfalls Of Waiting Too Long

When it comes to estate planning, many people put it off as long as possible. Sometimes, this is because they are concerned about how much it might cost. Sometimes, it’s because they’re busy with life’s many responsibilities. Sometimes, they just don’t want to think about their death.

But often, the main reason is that they believe they have plenty of time to deal with it later.

If you find yourself relating to any of these situations, you’re in good company. Unfortunately, putting off your estate planning can lead to devastating consequences for you and your family.

In this blog, I break down a few reasons why you shouldn’t wait to start your estate planning, regardless of whether you’re in your 20s or 70s.

3 Reasons Why You Shouldn’t Procrastinate Estate Planning

1. You Won’t Be Prepared For Life’s Changes

Life has one certainty: It never stays the same. Some of these changes can significantly impact how your estate is divided upon your passing. These can include:

• You get married or divorced and want to ensure your partner will be taken care of when you pass.
• You choose not to marry your longtime partner but still want them to inherit your estate.
• You give birth to or adopt a child or children.
• You grow apart from someone you previously listed as a beneficiary.
• You inherit a large amount of money or property when a loved one passes away.
• You are diagnosed with a condition that will affect your ability to care for yourself in the future.

Without a Will or trust, you have no control over how your estate will be distributed should you die. The end results could be far from what you would have wanted for your surviving loved ones.

Powers of Attorney are critical to having in place someone who can make decisions for you if you become incompetent or incapacitated. They must be done before those conditions arise, or guardianship is the only alternative.

Life’s changes may require you to redraft estate planning documents through the years, but having the documents and reviewing them periodically for necessary changes is much better than not having the documents at all.

Read my blog HERE for a breakdown on what could happen should you pass away before you get the chance to start your estate planning.

2. You Want To Prevent Worst-Case Scenarios

When you don’t complete your estate plan early enough, you and your family could face some very difficult challenges. These worst-case scenarios can include:

Your family may have to go through the full probate process: Known as a dependent administration of the estate, the full probate proceeding has many steps and heavy court involvement. As a result, it is typically expensive, lengthy, and stressful for the family involved. In some cases, it will be required should you pass away without drawing up a Will.

Your family could disagree about how your estate should be distributed: It can be surprising to see how loved ones change when they feel they don’t receive what they deserve, whether you believe they deserve it or not. Unfortunately, contested probate proceedings can tear families apart and create long-term rifts between your loved ones. A well-drafted Will or trust goes a long way to eliminate family feuds.

A health condition or accident may prevent you from being able to care for yourself or your estate. Sometimes, conditions like Alzheimer’s disease run in the family. But other times, they can come seemingly out of nowhere. Whatever the case may be, if you become mentally incompetent before you have drawn up estate planning documents, you lose the ability to choose who can make health decisions for you, whether you want to be resuscitated, who your guardian should be, and the ability to draft a Will or trust to distribute your estate.

READ: How To Avoid Needing A Court-Ordered Guardianship

3. We Never Know How Long We Have

The last reason you shouldn’t put off estate planning is one none of us wants to think about: We are not immortal. At some point, we will pass away. There’s no way of knowing whether that will be in 20 years, 50 years, or 1 week.

I have clients who first talked to me about doing estate planning years prior to becoming incompetent or passing, but did not follow through at that time. They kept procrastinating and not following through until the worst-case scenarios happened. Then, it was too late.

The best way to protect yourself and ensure your estate is distributed according to your wishes is to take the time to draw up your estate plan today. Don’t put it off any longer.

How To Get Started On Your Estate Planning

Many people associate the need for estate planning with wealth. But it’s not just about how your estate will be distributed after you pass. It’s also about expressing your wishes for your care if you become incompetent and protecting your quality of life as you age.

We can control little in our lives, but estate planning gives us the chance to make essential decisions about how our property will be distributed upon our deaths and how to protect our well-being for a time when we will be unable to make decisions ourselves.

The best way to begin the estate planning process is to schedule a consultation with an experienced Texas estate planning attorney. Your attorney will help guide you through the process, help you select the best type of estate planning for your needs, and ensure your documents are properly prepared.

Do you need to start or update your estate plan? Reach out to Adair M. Buckner today to get started. We care. We understand. And we’ll do everything we can, so you can have peace of mind knowing it was done right, the first time.

Schedule A Free* Consultation

* (The free consultation does not cover actual review of documents or giving legal advice on a specific situation.)

** This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal, or accounting advice. We can only give specific advice upon consulting with you directly and reviewing your exact situation.