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Unfortunately, there are many common misconceptions about the importance of planning your estate. Many think they are too young or not wealthy enough, so it’s common to delay estate planning. However, this is a task you don’t want to keep pushing off. Instead, it’s in your best interest to get your estate in order as soon as possible. Keep reading to learn why many procrastinate this process and discover how a Washtenaw County estate planning attorney can help you through this common issue.

What Are Common Reasons People Delay Estate Planning?

One of the most common reasons people wait to start estate planning is because they believe they are too young. Unfortunately, there’s a common misconception that you must be a certain age to begin thinking about this process. However, this is far from the truth, as many attorneys believe you should start planning once you are a legal adult.

Similarly, there’s also a belief that you must be wealthy or have a considerable number of assets to start the estate planning process. It’s important to understand that you don’t need to own a home, multiple vehicles, additional property, retirement accounts, and stocks to start planning. You don’t need assets to establish a medical power of attorney which allows you to appoint someone to make medical decisions on your behalf if you are unable to.

Finally, many delay this process because they think it’s too complex or confusing to navigate themselves. Though trying to DIY your estate plan is complicated, attorneys can help you through this challenging legal process.

Why Is It Necessary to Start as Soon as Possible?

It’s not uncommon to avoid thinking about death. Though it can be incredibly morbid to think about, unfortunately, life can be cut short. As such, it’s essential to do what you can to plan your estate as soon as possible to protect your estate and loved ones upon death.

If you pass without an estate plan, you may discover that your estate will end up in a process known as intestacy. As such, the assets you do have will be distributed according to Michigan’s intestate line of succession. This means the people who inherit your assets will do so based on a pre-determined system and will obtain your property because they are related to you. As such, relatives you may wish to exclude from your will can receive an inheritance.

Finally, it’s essential to consider that even if you have a small number of assets, the intestate and probate processes can be costly and time-consuming for your family. Similarly, the courts responsible for overseeing this process can take a percentage of your estate. As such, the people you wish to leave the assets to may receive very few funds.

At Collis, Griffor & Hendra, we understand how complex estate planning can be. That’s why our team is dedicated to making this process as simple as possible for our clients. We aim to help you achieve peace of mind. Contact our office today to learn more about how we can assist you.

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