Overcome these common barriers to creating an estate plan

Overcome these common barriers to creating an estate plan

| Feb 1, 2021 | Estate Planning & Probate |

Many North Carolina adults fail to create an estate plan, often leaving a mess behind for their families. Addressing some of the perceived obstacles in estate planning can help people stop procrastinating and move ahead with preparing this important documentation.

Planning for the present

One of the biggest obstacles in estate planning is that it deals with a topic people do not want to think about. It’s important to keep in mind that creating an estate plan does not change anything about your health or longevity. It only ensures that your wishes are carried out and your loved ones are taken care of. Furthermore, the decisions you make are not permanent as long as you are alive with the possible exception of an irrevocable trust. You don’t have to figure out what your family or asset situation might be 20, 10 or even five years down the road. Simply make the estate plan based on your current situation and revise it as needed.

Family conflict and other issues

You may also hesitate about meeting with an estate planning lawyer. Attorneys who work in this area have seen and heard many stories about family conflict and unusual situations, so this should not be a deterrent. Attorneys also have varied approaches to dealing with estate planning clients. Some tend to focus a lot on feelings and values while others primarily pay attention to financial documents. You can choose which approach is right for you.

Estate planning can be stressful, but you might also experience peace of mind knowing that you have completed this task. It is vital to review the plan every few years and make changes as needed. This should include looking over your beneficiary designations, which should be consistent with your will and any trusts or other estate planning vehicles.