The Tyra Law Firm, LLC

Helping our neighbors plan for their family’s future and avoid painful issues.

  • The Tyra Law Firm, LLC
  • Neil W. Tyra, Esq.
  • Practice Areas
    • Estate Planning
      • Power of Attorney
      • Wills
      • Advanced Health Care Directives
      • HIPAA Authorizations
      • Trusts
    • Elder Law/ Medicaid Planning
    • Family Law
      • Prenuptial Agreements
      • Divorce
      • Marital Separation Agreements
      • Child Custody
      • Child Support
    • Personal Injury
      • Auto Accidents
      • Premises Liability
  • Testimonials
  • Videos
  • FAQs
  • Events
  • Blog
  • Contact
post

The Secret Reason People Don’t Get Around to Estate Planning

June 10, 2019
Neil Tyra

We often talk about estate planning as a gift to our loved ones. By creating a plan in advance, we help our friends and family members manage the stressful and painful time just after our passing when they need to step up to get our “affairs in order.” We talk about estate planning as a kindness to our families, by highlighting all of the ways in which a careful plan can make all the difference.

Kindness Only Goes So Far

So, how do we square this interest in protecting our loved ones with the fact that more than half of Americans don’t have any estate plan in place, and only a small percentage have a comprehensive plan? I hate to say it, but here’s the unpleasant secret — it can be hard to justify paying money out of pocket now, even when we know that the expenditure would save our children money in the future.

But, here’s the reality of the calculation:

On the one hand, pay to get an estate plan created today that will keep your assets out of probate and your loved ones out of court or, on the other hand, keep your money now, only to have your heirs have to fork it over for attorney’s fees, court costs, appraisals, etc. Those down-the-road probate costs? They will be multiple times what you would pay today for an estate plan plusyour family members will have to go to court, hire an attorney to navigate the whole process, and spend countless stressful hours trying to discern what you would have wanted.

The Harsh Reality

Still, less than half of Americans have plans in place, and for a really relatable reason. Who doesn’t want to save money? Not to mention, you won’t be around to suffer through the whole messy process, so it can be hard to imagine that day will ever come. But, you truly have to be able to see this in the longer term. Tough talk time: You will eventually die. Without a plan in place, your estate will go through the court system according to state law. Your family and friends will have to deal with picking up the pieces. That’s just the reality of the situation.

“It’s just not a good time.”

As an estate planning attorney, I’ve heard every excuse in the book for why people don’t think they need an estate plan right now.

  • Estate planning is too expensive.
  • I don’t have my life in order yet.
  • I’m just too busy.
  • I don’t own that much, what’s the point of preserving it?
  • Everyone goes through probate, it won’t be that bad. I’m sure my family will be fine.
  • I’ve heard that trusts are just a lawyer’s way to make more money, better steer clear of the whole process.
  • My family is smart and everyone gets along well, I’m sure they can figure it out.

Any of those excuses remind you of someone? Read them through again. If you read carefully, you will notice that none of them are that great of reasons to avoid making a plan. That’s because the alternative to making a plan is your loved ones going through this process without one. There isn’t an outcome where your heirs get to just skip this process — that is, unless you do the leg work for them.

They Say an Ounce of Prevention is Worth a Pound of Cure

Here’s the thing: it doesn’t matter what your plan is. What matters is that you have one. At The Tyra Law Firm, we don’t try to push you into an estate plan that you don’t need. In fact, it’s quite the opposite. Our mission is to tailor estate plans to suit the individual needs of each person who walks into our office. That means, if you don’t need a particular aspect of an estate plan, we won’t recommend it. If your goals or circumstances let us know that you do need a particular element of a comprehensive plan, we’ll let you know. Sure, there may be a little pain around paying for a plan out of pocket now rather than letting your family foot the bill after you’re gone, but let me soften the blow for you a little. If you reach out to this week to set up an in-office consultation and mention this blog post, I will waive the initial consultation fee! How does that sound? In this no-strings-attached consultation, I will meet with you, get to know you, your goals, and your situation. Then, I’ll give you my honest advice about what I think you need. After that, the ball is in your court. If you want to move forward to get a plan done, I am here for you! So, give The Tyra Law Firm a call at (301) 315-0811 to set up your appointment.

Share this...
  • Facebook
  • Twitter
  • Linkedin

Filed Under: Trusts & Estates

Recent Posts

  • Your Adult Child’s Estate Plan: Why It’s Important?
  • What If You Fail to Name a Beneficiary?
  • Marital Separation and Estate Planning – Avoiding the Elective Marital Share Problem
  • Update Beneficiary Designations to Avoid a Disaster
  • Pet Trust: Will the Dog Inherit More Than Me?

Social Media Links

  • Facebook
  • linked in
  • twitter
  • (301) 315-0811
    neiltyra@tyralawfirm.com

Quick Links

  • The Tyra Law Firm, LLC
  • Rockville Estate Planning Attorney • About Us
  • Practice Areas
  • Testimonials
  • Estate Planning FAQs
  • Blog
  • Contact

Other Pages

  • Free Resource
  • Newsletter
  • News
  • Privacy Policy
  • Disclaimer

Contact Details

199 East Montgomery Ave.
Suite 100
Rockville, MD 20850
Phone: (301) 315-0811
E-mail: neiltyra@tyralawfirm.com
    Get Social:
  • Facebook
  • linked in
  • twitter
Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters, and electronic mail. Contacting us does not create an attorney-client relationship. Click here for full disclaimer.
Created by The Tyra Law Firm, LLC
© 2023, The Tyra Law Firm, LLC