The older you get, the more critical it is to have an estate plan. However, you cannot force someone to make one. If your parents have not done their estate planning, you need to understand the reasons why and explain to them why they should.
What puts people off estate planning?
According to a survey by Caring.com, 58% of Americans have not made a will. Why they have not done so varies from person to person. Here are some possible reasons:
- They do not like planning ahead
- They are scared of legal matters
- They do not understand what it entails
- They think they are too young
- They do not want to think about death
- They think estate planning will be expensive
- They feel it will take up too much time
- It never crossed their mind
Estate planning is not only about what happens after you die
Many people fail to realize that having an estate plan can benefit you while you are alive. They think it is only about other people and who gets what when they die. However, things such as an advanced health care directive and a living will are essential in planning for illness and retirement. They allow you to make choices about your health care as well as provide funds for it.
Failing to estate plan will benefit the tax office
The lack of an estate plan will lead to paying more tax, money that could easily be given to family or a charity instead.
The lack of an estate plan creates work for other people
While estate planning does require a bit of time and effort, if your parents do not make one, they are condemning you and the rest of their family to sort out all their affairs.