Despite the concerns brought on by the coronavirus pandemic, many of us still lead busy lives. We often have little time left for what we want to do, let alone to dedicate toward planning the future. Also, while many people take the initial time to create estate planning documents, they later fail to appropriately update these documents when circumstances change. In the hopes that you will be able to recognize and overcome your justification for delaying estate planning, this article reviews some of the most common reasons why people fail to create or revise estate plans.

Your Family Already Knows What Your Plan is

If you do not yet have an estate plan, Oklahoma has a series of rules regarding how your estate will be administered if you die without leaving behind an estate plan. For married individuals, these regulations often result in most or all of their assets being passed to the surviving spouse. If a person is not married and has no children, that individual’s parents might end up receiving his or her estate. Remember, if you pass away without a will, a judge who has never met you will apply the law to your estate and distribute your estate in a way that you might not have intended.

Retaining the Services of an Estate Planning Attorney Costs Money

By creating an estate plan outside of prohibits, you can greatly reduce or eliminate costs associated with paying an executor and his or her attorney to manage an estate. Also, if you fail to engage in effective estate planning now, there is a substantial risk that a disabled loved one might be forced to receive money for their basic needs in a manner that interferes with government benefits.

You Will be Dead and Will Not Care What Happens to Your Assets 

Your estate plan is not reduced to the transfer of assets at your death. Instead, revocable living trusts can play a role in your estate if you end up unable to pay your bills or manage your affairs due to illness or an accident. Without proper planning, it is sometimes necessary to incur the time and costs associated with requesting a court to appoint an individual to accept this responsibility. Trusts also permit the efficient distribution of assets following a person’s death.

Thinking You Will Live Forever

Unfortunately, everyone will ultimately pass away. Currently, the life expectancy in the United States is 72.6 years old. While some people are too busy living their lives to consider the possibility of losing their mental or physical capacity due to age or illness, doing so looks past the inevitable. Estate planning attorneys can greatly help to reduce any uneasiness you might have about the future or how to best handle your death or eventual disability. It is better to engage in these conversations sooner rather than later to make sure that you position your loved ones in the best possible situation when something does happen.

Speak with an Experienced Estate Planning Attorney

One of the best ways to take control of your estate planning goals today is to speak with a knowledgeable attorney. Contact attorney Jim A Lyon today to schedule a free case evaluation.