Aretha Franklin died a little more than four years ago, on August 16, 2018. Several handwritten wills were found in her home after her death. Given that her estate is reportedly worth $17 million, the absence of a definitive will unsurprisingly triggered disputes and court battles among her family members that are still ongoing.
Franklin’s niece, who was appointed as executor of her estate, resigned from that role in January 2020. The judge overseeing the case ordered all parties to mediation. There is still no resolution.
Franklin’s case is a stark, high-profile reminder of the unfortunate consequences that result from never finalizing a will and/or trust. The decedent’s estate ends up in probate court, and probate litigation often ensues as family members attempt to sort out the estate.
A feud about money that pits family members against one another is an outcome that almost no one would wish for during their lifetime. However, studies show that fewer people are engaging in estate planning that could avoid such disputes. Caring.com 2020 Estate Planning Survey found a 25% decrease in the number of people that have a will or similar document since 2017.
Despite all of the information available about the importance of estate planning, people are failing to act.
In my experience as an estate planning attorney, who also handles probate administration and litigation, I have encountered a number of excuses for why people avoid estate planning. Below I address five common objections and offer guidance on why it’s important to take action to benefit yourself and your loved ones.
1. “I’m too young to worry about estate planning.”
As the COVID-19 crisis has reinforced, life is unpredictable and there is no way to know when tragedy will strike. Estate planning is all about preparing for the unexpected.
Moreover, what too few young people consider is that they need to plan for life and not just death. For many clients, the creation of a general durable financial power of attorney and healthcare power of attorney naming a patient advocate is as important, if not more important, than the creation of a will or trust.
2. “I don’t have many assets.”
Even if you don’t have many assets, you (and your loved ones) will benefit from having a will. Without a will, your heirs will be left to apply to probate court before they can administer any of your assets. This cost of probate can be significant, and in some cases can consume all of the assets you leave behind. With a will your family may be able to sidestep probate. Having a fully funded trust in place can help ensure your assets avoid probate.
3. “I don’t like to think about death.”
Understandably, no one likes the idea of thinking about their own mortality, but we must all confront the fact that we won’t be around forever. It’s far better to address the inevitable while young and healthy rather than waiting until it becomes an urgent priority.
Estate planning forces you to think through the important issues that affect our loved ones once we’re gone such as how assets are divided and who cares for minor children. Death is not a comfortable topic. But confronting it head on through estate planning gives you peace of mind that you’ve done the work necessary to give your family peace of mind when you’re gone.
4. “It seems complicated.”
Estate planning can be complex, which is why it’s advisable to work with a legal professional who has significant experience in this area. Working with the right attorney will allow you to get the answers you’re looking for and guide you through every step of the process. Don’t allow concerns about complexity stop you from addressing this important priority.
5. “Estate Planning is expensive.”
There is an investment that is required to get your estate planning affairs in order, but the cost of preparing a will or living trust is often far less than people think. And consider the alternative: Without a will or trust your family will most likely have to pay far more to an attorney to administer your estate through the probate process.
In my experience, clients find the cost of estate planning to be a small price to pay to gain the comfort and peace of mind that comes with knowing your family won’t be burdened with the cost and work involved if you don’t have your affairs in order.
If you have any questions or need help navigating the estate planning process, please do not hesitate to call or contact attorney Michael Taylor.
