Estate Planning Academy Episode 14: Why Doesn’t Everybody Have a Plan?
Serving Clients in Bella Vista, Bentonville, Rogers, Springdale, Fayetteville and all of Northwest Arkansas
This article by Attorney Gary DeWitt, practicing in estate planning, probate, guardianship, and elder law.
Lack of Understanding
- What happens to your estate when you pass
- The rules are complex
- The State has a Will for you if you don’t write your own
- Where do your assets go?
- What happens if you can’t make decisions for yourself
- Who legally manages the money?
- Who legally makes healthcare decisions?
- A Will alone isn’t enough
- Money changes people
- A lump sum can disqualify people from benefits
- Young people are usually poor money managers
- Nothing happened yesterday and nothing will happen tomorrow
- People, regardless of age or wealth, are the victims of medical incidents, accidents, and random acts of violence every day. They didn’t wake up expecting it either
- It’s only expensive if you don’t see the value in making sure you, your family, your money, and your property is safeguarded and protected
- Estate planning is an investment with more than monetary payback
- The hassles it will save your family are priceless
- Your family will have a plan they can work instead of reacting to situations
- If you don’t see the value in planning, then yes, it will be too expensive
- People would rather spend more on vacations than it costs to create a plan
- I know people that keep putting off their planning based on cost, but will go on a $10,000 vacation every year…
Planning only has to be complicated and complex if you work with the wrong planner.
Not Knowing Where to Start
Your first stop should be with an experienced planner that can walk you through the process and help you gather documents. And, continue watching this series.