We all procrastinate. It’s human nature to put off tasks we don’t find appealing, whether it’s hitting the gym, tackling the cluttered garage, or even writing a thank you note. Most of the time, the consequences are minor. A messy garage might cost you ten extra minutes searching for a hammer, but it won’t derail your life.

However, there are areas where procrastination can be disastrous. Estate planning is one such area. Don’t let the discomfort of thinking about the future stop you from taking crucial steps to protect your loved ones.

Why Being in the 80% Costs More

Surveys show that nearly 80% of all Americans do not have any type of estate planning strategy in place. Half of those people admitted they have never even had a discussion with their families about their plans, goals, or wishes regarding the future of their finances. 

Of course, while having those conversations can be important first steps to estate planning, until you take the final steps and put plans into place, your stated desires have no effect whatsoever.

If you pass away without a will or other estate plans prepared, the Arizona laws of intestacy determine who will handle your final affairs and who will receive your assets. If you have minor children, a judge who is not at all familiar with your family dynamics will be making the decisions about who will raise your children and who will handle the assets they inherit. The choices that result could be the exact opposite of what you would have wanted and far from what is best for your family.

Moreover, your final affairs will be held in limbo while someone is forced to deal with the complex requirements of the Arizona probate process. This will cost them money in legal fees and cause considerable aggravation, and may delay access to your accounts and property that they need. Your loved ones may struggle to support themselves and could lose their home.

Failing to establish an estate plan can be costly in other ways. For instance, your loved ones could be required to pay substantial tax debts. A lawsuit over a business deal or injury could claim all your assets. Or, if you need to go into a nursing home, you could end up spending all that you have on care. With the right planning, you can minimize or avoid estate tax obligations, protect assets from future lawsuits, and conserve resources while establishing eligibility for Medicaid long-term care benefits. In addition, estate planning can protect you during your lifetime if you become incapacitated and unable to communicate your authorization for medical treatment or to manage your own financial affairs.

Escaping the Herd

If you are in the 80% group, how can you escape? Contact an estate planning attorney who is dedicated to making the process as PayneFree as possible. At PayneLess Law, we can develop the right plan to protect you and your family through a simple and straightforward process. You provide us with some information. We discuss your needs and goals. And then we build a plan to accomplish your goals and you sign on the dotted line.

You can say you are in the worry free 20% with peace of mind. After you pass away, your loved ones will have a plan that enables them to pay your final bills and receive gifts from you according to your wishes. There will be no uncertainty, and no need for conflict. Everyone will know what to expect and your legacy will be secured.

Take the First Step to Escape the 80%

Unlike cleaning the garage or heading to a gym for a workout, estate planning is a task where you can place most of the burden on someone else. All you have to do is take the first step and schedule a consultation with PayneLess Law. After that, we can guide you through the steps needed to establish the right estate plan to meet your needs in the short and long term. 

So contact us today and escape the 80%.