Many Nevada residents haven’t created estate plans for themselves, even people over the age of 55. And while it may not always seem like either an urgent or pleasant activity, not doing so can create issues down the road, both after your life and during it.
An estate plan isn’t just relevant after your passing – It also can determine who has the right to make critical choices about your well-being if you’re incapacitated. And if you care about the disposition of your assets, estate planning ensures your wishes are followed. But those who put off the task often cite a few common reasons.
Not having sufficient assets
One of the most common reasons that prevents people from estate planning is the belief that they don’t have enough assets to make it worthwhile. Or, to put it another way, the belief that only rich people need estate plans.
But if you possess any notable assets at all and have a desire that they be passed along to heirs or charity, an estate plan is still crucial. It doesn’t need to be a multi-million dollar fortune for those assets to be important to you, and it’s natural to want to see them in the right hands after your passing.
Believing your children know your wishes
Another commonly cited reason to put off estate planning is the belief that your children already know how you want your estate disposed of. But there are a few issues with this line of thought.
First of all, this belief can sometimes be erroneous. Or, in some cases, one child may understand your wishes but another has a different impression.
Second, even if you children know your wishes, that knowledge isn’t legally enforceable. When a person passes without creating an estate plan, their estate is processed by the court. This is a slow and public process, likely not something you’d like to subject your family to.
Planning your estate is important, but it’s easy to rationalize putting off doing that work. By understanding some of the more common excuses and why they’re not valid, this may nudge a reluctant person toward squaring away their estate.