Why do people delay their estate planning? Why do they put it off? Maybe you’ve done this yourself, but you don’t even really know why.
Sometimes, it’s just a question of focus. You only have so much time. People tend to focus on more immediate concerns. Estate planning always feels like something you’ll need in the future. For many, it’s even a rather uncomfortable topic. That makes it easy to delay.
For instance, maybe you are a small business owner. Your goal for your company is simple: You want to support your family. You put all of your time and effort into making business decisions that can make their lives better and make the company stronger. When you’re not working, you think about other family-related issues — where the kids should go to school, where to go on your next family vacation, etc.
It’s not that you shouldn’t think about these important topics, but the issue is that ignoring your estate planning could impact your family’s future. You’re working so hard to make life better for them, but are you really thinking about what would happen to them if you passed away? It may feel like it’s something from a far-off future, but it can happen unexpectedly. If it does, are you prepared? Is your family prepared?
It is important to consider all of your estate planning options, along with the reasons why you need that plan in the first place. Make sure you know what you can do to set your family up for success regardless of what the future holds.