Our readers may be familiar with the reasons why estate planning is so important. By creating a will or trust, a Maryland resident can ensure that their property is passed on to their children, grandchildren, friends, relatives or even to a charity, depending on the person's wishes. Also, by appointing a power of attorney and creating an advance health care directive, people can ensure that decisions regarding their finances and health care will be carried out according to their directions. However, many people still fail to take the leap and create an estate plan. Three common reasons why people may not create an estate plan include inattention, indecision and procrastination.
Inattention affects those who may have created an estate plan in the past, but failed to periodically update it, which may render it obsolete. A previous post here discussed reasons why an estate plan should be updated and the topics a person should consider when doing so, such as changes in family dynamics and the purchase of new assets.
With indecision, it is only natural that thinking of one's death is a heartfelt affair. For example, choosing a guardian can be difficult, especially if more than one person would be a good fit for the role. People may also be concerned that their intended heirs and beneficiaries may not be responsible enough to handle a substantial inheritance, which could also lead to indecision. However, making these important decisions does not need to be so stress-inducing, because a person's estate plan can always be updated.
Fear and procrastination often go hand-in-hand. Furthermore, the stress and energy it takes just to go about everyday affairs may mean that a person puts off thinking of estate planning. However, by harnessing that fear into motivation, a person may be more interested in creating an estate plan.
These are only three reasons why a person may put off creating an estate plan. Estate planning is an important topic that should not be ignored.