Recognition of your mortality and taking the time to plan for tying up the business of your life are two very different things. Estate planning attorneys hear reasons for delays all the time. However, the explanations aren’t going to help your family when they have to administer an unprepared estate while grieving. Beck, Lenox & Stolzer Estate Planning and Elder Law, LLC, brings you a recent article from MarketWatch with three top excuses heard by estate planning attorneys as to why people put off their estate planning. It offers food for thought.
I don’t own enough to need an estate plan. Even if you die in debt, you need an estate plan to prevent loved ones from having costly problems like probate, taxes and other issues. If you’re in a nursing home and all you own is a bank account with a named beneficiary, you may not need a will. However, you definitely need medical directives, including:
- Healthcare Power of Attorney (or Healthcare Proxy), someone you name who can make medical decisions.
- HIPAA Release so a person of your choosing can access health insurance information and medical records.
- Designated representative for Medicare, Medicaid and Social Security
- Living Will to express wishes for end-of-life care. Do you want to be kept on life support if you aren’t expected to regain consciousness? What about artificial feeding? These are tough issues to address. However, without expressing your wishes, your family won’t know what you want.
Procrastination has worked before, so why change now? Many people are waiting to see if changes will come to federal estate tax exemptions, which are set to happen at the end of 2025 unless Congress acts. No one knows what will happen. However, if your estate is hovering near the $7 million mark and you wait until the last minute to make changes, your estate could become taxable. Creating and executing an estate plan takes time, so that procrastinating could cost your heirs 40% of your estate.
I don’t know where to start. This is what experienced estate planning attorneys are for. Just as you wouldn’t be advised to perform surgery on yourself, you need the services of a skilled and trained estate planning attorney to create an estate plan to achieve your goals.
Start by gathering any documents you might already have, including investment and pension accounts, life insurance policies, titles and deeds and anything you think might be relevant. Next, make an appointment with an estate planning attorney who can explain the process, offer strategic tools to minimize taxes, transfer wealth and prepare an estate plan to protect you and those you love.
If you need more of an incentive consider this: putting a loved one through the process of a scavenger hunt to identify documents, spend their own money to retain counsel to go to court to obtain a guardianship if you are incapacitated and need their help, or be powerless as a lifetime of work evaporates in estate taxes, will teach a valuable lesson of what not to do. If you’d prefer to be remembered with love and affection and not resentment, it’s time to stop procrastinating.
Do these top three excuses heard by estate planning attorneys ring true with you? Even one of them should give you pause. The attorneys at Beck, Lenox & Stolzer are here to help you obtain peace of mind and to lower the stress level with your family members. Click here to schedule a free phone consultation with Jayson Lenox or Caroline Daiker Stolzer.
Reference: MarketWatch (April 17, 2025) “The top 3 excuses people make to put off estate planning–and why they’re all wrong”
