There’s just something about the estate planning realm that breeds procrastination and a maybe-later mindset among many prospective planners in Michigan and nationally.
What promotes the disinclination among legions of would-be planners to timely and purposefully act concerning subject matter they know is important?
Industry commentators sometimes point to a few core misconceptions concerning the legal realm that are common among the general public.
Here’s one: Estate planning is just not for me.
Candidly, that is a view proven false in huge numbers of instances each day across the country. In fact, a sound and tailored estate planning strategy can meaningfully address scores of relevant life concerns for a huge demographic. Planners often focus upon key matters like these:
- Asset preservation and the handing down of property to future generations
- Protection of young children through guardian selection, special needs trusts, life insurance policies and more
- Lawful avoidance of taxes relevant to asset transfer
- Safeguarding of privacy interests
- Dampening of potential family conflict through timely planning and candor
- Business succession
- Power of attorney designations relevant to financial and health care matters in the event of disability
- Gifting, charitable outlays and family legacy concerns
Another misconception that is common in the planning sphere is one entertained by many people who do concede that crafting a plan does promote important goals.
That is this: Most plans are essentially boilerplate, and I can get by with a cookie-cutter set of forms and documents.
The above and highly diverse bulleted list of planning matters instantly belies that view. Every individual and family is flatly unique and has a singular set of concerns and goals when it comes to the planning process.
A proven estate planning legal team can provide further information.