Do You Find A Lot Of People Who Come To You Or Maybe Don’t Come To You Have A Real Misunderstanding Of What Estate Planning Is, What Probate is, Are They Afraid Of It, Kind Of Hesitant To Do It?
Yes, I think clients do have a misunderstanding of what estate planning means and what it entails. I believe there are some clients out there that the idea of passing away and its effect on their children and property is frightening and confusing to them.
What Exactly is Estate Planning And Do You Find People Assume They Don’t Have Assets Or They Don’t Need To Do Estate Planning Because They Don’t Have What It Would Require To Do So?
Some clients think that they don’t need it. Estate planning is a plan that you put in place on how you want your assets allocated when you pass away. So that way, there’s a plan in place for your loved ones to help take over and distribute your assets and get them transferred to your loved ones in a timely and less stressful manner.
Is Estate Planning Just About Our Finances And Are Assets?
There’s more to it than just finances and assets. When a loved one passes away, it does take an emotional toll on everybody, so when there’s a proper estate plan in place, it helps your loved ones with the process so there’s less stress to deal with and so they can grieve in a better way than if there wasn’t in estate planning. So it’s more than that, and it helps your loved ones so much more.
Do You Find A Lot Of People Put Off Or Ignore Their Estate Planning Altogether And Why Do You Think That Is?
Yes. I think it’s the emotional part of it. The component of realizing that you will pass away and that you will be giving your possessions away can be emotional for many people. I think people just put it off because “Oh, I can do it tomorrow, I can do it next week,” or, “It’s not a big deal, I’m going to do it next year.” With COVID, we see estate planning skyrocket in my office because people are beginning to realize life’s fragility and unpredictability. But I think people ignore it because it’s like, “Oh, I’ll get to it, I’ll get to it,” and they don’t.
Do You Find People Won’t Want To Talk About Death Or What Will Happen To Them?
I see it all the time. You can see in their eyes is as seeing it on paper and signing off on it makes it so much more real. So, there’s a huge emotional component to it where putting it on paper and signing off on it makes it a reality.
What Happens If We Don’t Put Proper Plans In Place For What Will Happen When We Die Or Become Incapacitated?
I see this all the time where there’s not a proper plan in place. They don’t know what to do, so usually, they call me and say, “Well, my loved one passed away, what do I do?” They don’t even know where to start. But if you have a proper estate plan in place, the loved one knows what to expect and what to do.
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