Stopping procrastination on this important money chore can be hard.
Fox Business’ recent article, “How to quit stalling and write your will,” says that providing guidance on what you want to happen after your death—and who you want to care for minor children or pets—can be a wonderful gift to those you leave behind. You will also be saving them possible expense and stress.
There are some people who need to hear about a worst-case scenario, before they’ll act. This means that, for example, without an estate plan, a probate judge could wind up deciding who takes care of your children. That’s because you have no will with a named guardian. State probate law determines who inherits your assets, and the distribution may not be as you would have envisioned.
Getting a basic estate plan in place may not be as hard or expensive as you fear. That’s because it’s the attorney who does the work. An experienced estate planning attorney can counsel you, by identifying the questions you need to answer, so a comprehensive estate plan can be developed.
You should also think about what you’d want to happen if you died in the next few years, rather than trying to create an estate plan that covers all eventualities and possibilities. Remember, you can always update and change things at any point.
If you start it off, it’s on the books and you’ll feel like you’ve accomplished something. You also don’t have to face it for a while.
One expert suggests incremental deadlines. Say that by the first of next month, you have the conversation about guardians, charities and other estate intentions. Then the next month on the first, you have the first meeting with an estate planning attorney and set up your estate plan.
These are baby steps.
Reference: Fox Business (October 2, 209) “How to quit stalling and write your will”