It's National Estate Planning Awareness Week

In September of 2008, HR1499 was adopted, setting aside the third week in October of each year as National Estate Planning Awareness Week.

While it seems logical that we should want to get our ducks in order to protect our family and loved ones, all of us have a different reaction when it comes to talking about “The Big Inevitable”. Here are 8 reasons why people put off the conversation:

#1. Talking about death is unsettling.
Of course it is, but you can actually get peace of mind today by planning ahead. We recently wrote about what separates good estate plans from those that are great.

#2. The kids just want my money!
Maybe, or maybe not. Did you know that who you are beyond your finances -- your legacy -- the ethics, personal history, life advice and important stories -- is also an important component of your estate? Try approaching the conversation with your adult children from the non-financial or administrative side. Our quiz for future executors can help.

#3. Shh! Money talk is supposed to be secret
Your information is power. Without access to it, your executor -- typically the family member who'll have to settle your estate -- will have to reconstruct all of the details of your life. Why not make it easier for them? Knowing what you have, where associated paperwork is located and who to contact is essential. While you're at it, why not provide this person an overview of the responsibilities they'll have when the time comes? Our posting on an executor's responsibilities can help.

#4.  Estate planning is for “rich” people
Do you own a vehicle? How about life insurance? Do you have a bank account? Congratulations -- you've got an estate!

#5. It's too hard because my family isn't "normal"
Dysfunctional may very well be the new normal. Don't let complex family situations intimidate you. In fact, planning done right today can help your family steer clear of troubled waters in the future. If you work with a financial advisor, ask him or her for help. Here are 10 questions to get you started.

#6 It’s 9 p.m. – do you know where your assets are?
Do you remember the old phrase “It’s 9 p.m. – do you know where your kids are?” This is a twist on that – only to say that some feel overwhelmed by trying to identify all of their assets, liabilities, personal items of importance and even digital assets (e.g., email accounts, social media accounts, personal photo websites). Try our easy-to-use checklist and set your own pace.

#7 I don’t know what I’m doing – I’m afraid I’ll make a mistake

This reason tends to be the common source of paralysis in moving forward. Fortunately, there is a wide variety of resources and experts available to provide the help you need. You can start by reviewing our tips on how to find an estate attorney.
 
#8 Queen of “denial”
There of those of us who just can’t believe that one day, our time will be up. If this is you, may we recommend that you make some incremental progress by starting with the legacy aspects of your estate? Collect your favorite personal stories, assemble old photos or family videos, inventory the personal items that are important to you today. We're betting you'll warm up to wanting to protect these mementos by ensuring they stay within your family.


So come on, join the conversation. Do you feel confident that you have things squared away? If not, why not? Tell us your reasons for putting off your planning for The Big Inevitable.