I hear it from our estate planning clients every day, that they are happy to have the peace of mind that their estate planning affairs are in finally wrapped up. Many of our Michigan estate planning (wills, trusts, powers of attorney) clients feel that prior, to meeting with us, that estate planning is a looming task. But once we’ve completed the process and executed their wills and revocable living trusts, they have feelings of comfort and security.
According to a 2008 study by Thomson Reuters, only 40% of Americans currently have a last will and testament. A last will and testament is a document that provides instructions to the Michigan probate court on how to administer your estate. Understand that a will does not avoid probate, it only gives instructions to the probate court on administration. If you fail to have a will or living trust, then the state of Michigan will administer your estate by the laws of intestacy.
So why do so many people leave their affiars up to chance or the whims of the probate court?
Well according to an article at funeral.com, there are four main reasons.
First, estate planning in Michigan is a very detailed process. It is legally binding, attorneys are involved, there is an investment of financial resources and a number of complex decisions need to be made. All of these activities, along with people’s hesitation to contact a Michigan estate planning lawyer can lead to overwhelm and procrastination.
Next, the actual process of completing an estate plan can take a couple weeks. It is very easy to get distracted with the daily minutia of life, work, and tv and put off meeting with an estate planning attorney, spending time with the attorney so he or she can document your wishes and then executing your estate planning documents.
Sometimes estate planning has a hard time making it up your “to-do” list, and I understand. Generally, us estate planning attorneys, see clients more interested in estate planning when a child is born, when a loved one passes away, or if someone is suffering a serious illness. The difficult part, is that during these life changes and high times of stress, it is more difficult to complete the estate planning process due to the stresses caused by the life changes. It is much easier to go through the estate planning process during a time when its easier to focus on the estate planning itself.
The fourth reason that you may be procrastinating on your estate planning is that going through the estate planning process can raise questions that are difficult to answer or you don’t have a perfect answer. For example, one of the biggest hurdles for parents with young children is who to name as guardians of their minor children. The fear of making the wrong decision can keep people from making any decision at all. Keep in mind, that even though you may not have a perfect answer to who shall serve a particular role, the answer you have is better than the answer a judge or probate court who has no familiarity with your family has.
Are you procrastinating on your estate planning? The first step is to pick up the phone and call an estate planning lawyer to get the ball rolling. The first step is the hardest.
