The Bel Air estate planning attorneys at SMLH offer rebuttals to the reasons why people choose not to create a will.
The task of estate planning can seem daunting. Many people create a variety reasons and situations that prevent them from starting their estate planning. As a result, estate planning often takes the back burner.
Here are the top five excuses for not having a will and why they’re misguided.
1. I don’t have time.
Benjamin Franklin once said, “You’ll have plenty of time to sleep once you are dead.” The problem is writing a will from six feet under. Finding time to create a will is very important, even though the task is typically not something people want to do in their limited free time.
2. I’m too young.
Death is a certainty regardless of age. So having a will is very important for both young and old. Everyone needs a will (with the exception of those who do not own anything, or are under age 18).
3. I don’t own enough.
Even if your possessions hold more sentimental value than monetary value, it is still nice to decide for yourself who will receive them. Maryland estate planning laws, also known as the laws of testacy, determine who inherits possessions in the absence of a will.
4. I cannot afford to create a will.
The cost of creating a will depends on the circumstances of the individual or the family. In general, simple wills cost less than complex ones. Still the cost of a will pales in comparison to the cost of probate court. In addition, for many estates there could be significant tax savings.
5. I’m unsure how to start the process.
Start the process by creating a list of your possessions and assets. Then, begin to think about who you want to inherit these possessions. Do some research online or call a Maryland estate planning attorney. It won’t hurt to make a phone call.
Creating a will doesn’t have to be a burden. Hopefully these rebuttals for the top five reasons people don’t create a will can provide some education on the process and make the task seem less daunting.
For more information about creating a will in Maryland, please contact the estate planning attorneys at SMLH.