An estate plan is a plan done in preparation of one’s death or incapacitation. The plan contains instructions regarding the distribution and maintenance of one’s assets. An estate plan clearly states who will inherit certain properties of the deceased, the estate executor of an estate, the liabilities of the deceased, his or her assets, including other information regarding the estate of the deceased.
As a rule of thumb, it is advised that you plan your estate at the early stages of your life. Don’t wait before you put those plans in place as you don’t know when you will kick the bucket. Secure your future and those you care about! Contact an estate planning attorney near Williamsburg in order to kick-start the process.
Having understood what estate planning is, let’s dive into the main crux of this article.
What are the emotional aspects of planning your estate?
People often shy away from talking about their own death or the taxes they owe. Talking about your death can be scary especially when the audience is your family members. On the other hand, talking about the taxes you owe can be as well embarrassing. It kind of spells out your financial incompetence.
Many individuals are scared to talk about their estate. Some people are afraid that their family may suffer when they die. Why? Because they are in so much debt! For others, they aren’t quite sure who to transfer their assets to. Making such a huge decision makes their stomach churn. Let’s take a look at some things that scares the crap out of estate owners.
The Death word
People are often scared to plan their estate because they will have to make reference to statements like “When I die” in the process. Nobody wants to be making such statement, no body want to be talking about their death. So, rather than using the sentence “when I die” people often use other related sentences such as “ When I bite the big one” or “ when I kick the bucket”.
Some people also believe that creating will is one way to bring death upon oneself. It is one common misconception that prevent people from planning their estate in time.
Fear of the cost
One of the reasons people fail to plan their estate is the fear of the cost. One thing every estate owner should realize is that, estate taxes are not meant for you. You won’t be alive to worry about paying taxes. Neither will you have to worry about the cost associated with the probate process. So why should cost scare you away from planning your estate?
One of the costs you may have to worry about is the cost of hiring an attorney. However, not all attorneys are expensive. Before you decide to hire one don’t be scared to request for his or her charges. Nevertheless, the cost of hiring an estate planning attorney shouldn’t stop you from panning your estate. See estate planning as a gift to your family. Trust me, it is the best gift you can offer them after your demise.
Estate planning Attorney near Williamsburg
You need an estate planning lawyer! Don’t let anyone convince you that you can create a perfect estate plan yourself without the assistance of a professional. It is just like flying a plane without the help of a pilot, or fixing your car engine without the help of an experienced mechanic.
The goal of an estate plan is to reflect the aims of the estate owner regarding his or her assets. Once your estate plan fails to do this either because of an error or any reason, then you don’t have an estate plan, but something else entirely.
An estate planning attorney has all the experience and resources required to create an estate plan that is in line with your desire. If you advice, an estate planning attorney can provide you with one. Contact an estate planning attorney near Williamsburg now!