I hear many reasons--excuses, really--why people are hesitant to having an estate plan drafted. Here are a few common objections:
"I don't need one now, I'm too young."
A well-crafted estate plan is not just for older people. Unfortunately, people can die at any time. It would be wise to have a valid estate plan in place, regardless of your age.
"I'll deal with it later."
Sure, life's hectic, with careers and family responsibilities. However, it doesn't take a lot of time to have a qualified practitioner craft an estate plan that helps ensure your assets go to those you want to receive them.
"I don't have enough assets for an estate plan to matter."
Even small estates can and should be protected. Sentimental or family heirlooms are important, even if their monetary value isn't great. Even if you don't own real estate or have large monetary assets, you still should consider protecting the assets you do have and make sure your loved ones would receive them if something happened to you.
Keep in mind that many disagreements happen over modest estates.
"My kids will just sort things out when I'm gone."
If you don't have a valid will, Minnesota intestacy law decides where your assets go after you die. The law generally follows "next of kin," but that may not be what you want. Maybe you wish to give assets to children unequally, or perhaps leave out one who is estranged or has addiction issues. Intestacy doesn't factor that in. Want to leave something to a close friend? Sorry, that cannot be done without a valid estate plan. Would you like to donate to a charity? Without a valid estate plan that won't happen.
Another issue to consider is who will be responsible for administering your estate when you're gone. Without an estate plan to nominate a person or persons to be the Personal Representative of your estate, it may be up to the probate court to make that decision. The person they appoint may not be one you would choose--perhaps even a total stranger.
"It costs too much."
A basic will is a very powerful instrument and can be very affordable,
especially when you consider the time and expense your loved ones would
endure if they have to sort through your assets, deal with the probate
court, etc. (See intestacy, above)
"I'm not comfortable talking about death-related issues."
It's never easy. Talking about your death can be unnerving. Wouldn't you rather solve this issue now and not have to worry about it later? Having an estate plan in place can bring peace of mind.
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Protecting your hard-earned assets means having confidence in knowing that those you care about will receive them. There's no time like the present. Contact a qualified Minnesota estate planning attorney to find out how to get your estate plan started.