1. I have not retired yet, so I donâ€™t really need an estate planâ€¦
Keep in mind that an estate plan does not always equate to having a Will or a Trust. It is always encouraged for young adults to have a Health Care and Financial Power of Attorney. A Health Care Power of Attorney allows you to designate an individual you trust to make medical decisions on your behalf when you are unable to do so yourself. By carrying such a document, you save your family from having to go through probate to choose and appoint a guardian for you. Also, it is always suggested to have your own wishes laid out for them so they know what you intended to do.
2. I have no idea who to appoint as Guardians for my children, so I am waitingâ€¦
Remember, if you arenâ€™t able to decide on guardians for your children, are you willing to let the court decide for you? Knowing this is one of the most important estate planning decisions one has to make, it is evident how important it is to make it yourself. A guardian is the person you choose to care for your children and raise them when you are unable or deceased. When deciding, there are many factors to take into consideration: (a) location; (b) marital status; (c) religious beliefs; (d) do they have children of their own; (e) financial constraints; and (f) special needs of your children. With all these factors and the importance of making sure you select the right person, do the right thing and make the selection yourself as opposed to having the court decide for you.
3. I am far too busy, and doing an Estate Plan is so complicatedâ€¦
We are all busy. Everyone has a million and one excuses to not do something. The most unexpected and often tragic events occur when we are busy. Even through your busy schedule, you should make it a priority to complete your estate plan. The goal should be to protect yourself and your family regardless of your â€œbusyâ€ schedule. Estate planning is exactly that, â€œplanning.â€ Give yourself the â€œpeace of mindâ€ and get it done, because when that unexpected tragic event occurs, not only will your family be grieving about the unfortunate situation, but will then have to deal with unwanted attorneys and courts to manage your assets.
4. It is far too expensive to do an Estate Planâ€¦
Far too often, people put off their estate plan because they feel the cost doesnâ€™t justify the rewards, and they are simply giving money away. I often tell them to consider estate planning as an investment for now and the future. Not many people realize that by not having an estate plan can actually cost you thousands of dollars more than actually have one done. More often than not, an estate plan will save you money in the long-run.
So if you feel you have no time, find the time and get your estate plan done; because it doesnâ€™t just help you, but it makes life easier for your loved ones.
Adil Daudi is an Attorney at Joseph, Kroll & Yagalla, P.C., focusing primarily on Asset Protection for Physicians, Physician Contracts, Estate Planning, Shariah Estate Planning, Health Care Law, Business Litigation, and Corporate Formations. He can be contacted for any questions related to this article or other areas of law at firstname.lastname@example.org or (517) 381-2663.