COMMON REASONS WHY PEOPLE CHOOSE NOT TO DO PROPER ESTATE PLANNING WITH A WILL OR TRUST
By Robert Chang, Esq Freelance Writer There are common reasons why people choose not to do proper estate planning with a will or trust. In no particular order of importance: thinking that there is not enough assets to be a problem, they don’t need tax avoidance or probate avoidance, they are not dying, they are not elderly, they already have a will, losing control of your property, paying for the cheapest service because they think it is one size fits all, and finally, thinking that it won’t matter once you’re dead what happens to your money. First there are those who think that their estate would be too small to be important enough to administer, or consume resources. This is a lot less true than people think – in California, having more than $50,000 in real estate and $150,000 in total assets will put you at risk for larger expenditures than if you made the proper planning. Estate planning is not just for the rich – like taxes, failure to do your due diligence (or having someone d...