Did you know 40% of American adults have a Will or Trust? That percentage drops dramatically for younger age groups. According to a recent research report, only 19% of people age 18-34 have a Will or Trust. The study also found as Baby Boomers pass away, over $68 trillion in wealth will be transferred over the next 25 years. But, despite this huge number, it’s easy for people to delay the process of estate planning. Our estate planning attorney in Carlsbad CA lists the reasons why people delay the process of estate planning.
Many people delay estate planning, saying that they are too young to do it. But, remember, you are never too young to have an estate plan. Life is unpredictable, and you must prepare your estate plan to protect the future of the people you love. If you don’t have a proper estate plan, they will become broken and couldn’t find the assistance they need.
Some people believe that they don’t want to create an estate plan with the help of a Carlsbad estate planning attorney saying they only have one child. But, what if your child is a minor when she inherits your estate? In such cases, you should consider nominating a guardian or trustee to manage your child’s inheritance for a time. This couldn’t be possible if you don’t have a proper estate plan. Having an estate plan also prevents messy custody battle.
An Expensive Process
Yes, estate planning is expensive, but you aren’t going to pay just for a piece of paper. Having a proper estate plan gives you peace of mind knowing your affairs are in order and that your family will be cared for after your death.
Estate planning involves a lot of work as it involves organizing assets and information for your loved one. When you hire the best estate planning law firm in Carlsbad CA, you can make the planning process as painless as possible.
My Estate Isn’t Big
Did you know even small estates can require a lot of work to administer? This includes,
- Distributing personal effects and other property
- Paying bills
- Canceling services and subscriptions
- Contacting advisors and family members
- Planning a funeral
- Securing the estate against identity theft, etc.
No matter how big or small your asset is, having a well-crafted plan and can save your loved ones, a lot of trouble and stress after you are gone.
The author of this article is a leading estate planning attorney in Carlsbad CA, with over a decade of experience in practicing law. In this article, he lists the reasons why people delay the process of estate planning. Visit https://www.rassmanlaw.com/carlsbad-estate-planning/ for more information.
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