Top estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, lists the top 3 reasons that most people don't have a Will or Estate Plan. For more information please visit https://www.haimanhogue.com
Arlington, TX, United States - March 29, 2021 /MM-REB/ —
In a recent interview, top estate planning attorney Guy B. Garner, Senior Attorney at Haiman Hogue PLLC in Arlington, TX, revealed the top 3 reasons that most people don't have a will or plan.
For more information please visit https://www.haimanhogue.com
When asked for a comment, he said, "Most people tend to avoid it because it involves them thinking about their own death; however, what people tend not to realize is that having their affairs in order will greatly help their loved ones once they've passed away."
Garner mentioned that a study from Rocket Lawyer found that more than half of Americans between the ages of 55-64 don't have a will.
"When asked the reason for not having a will, the survey found that of the people who participated, 57% had intentions to make a will but hadn't gotten around to it, 22% thought that setting one up wasn't urgent, and 17% simply didn't feel that they needed one," he added.
However, procrastinating end-of-life planning can result in unintended consequences such as unnecessary stress for loved ones.
"Assets and property that are not protected in an estate plan after someone passes away are sent to probate, which means that it's up to the court using state law instead of your wishes decides what happens to the possessions.”
Probates without a will often mean that your loved ones or children will shoulder the burden of extra paperwork, higher legal fees, and drawn-out court cases," he said.
Planning doesn't only encompass end-of-life documents like wills, it also needs to include life documents like a health care directive and a durable power of attorney, both of which are vital in the case of an unexpected injury or illness. Without these documents, your loved ones will not likely be able to make financial and healthcare decisions for you.
"A solid plan will ensure that you have an advocate of your choice working on your behalf to carry out your wishes. Not having your wishes in writing, if you are unable to make decisions, often creates confusion and tension among your children and loved ones," he said.
He further mentioned that many people are under the wrong impression that they don't need to have a will if they don't have an estate.
When asked to elaborate, Garner said, "It's quite simple. If you have a house and children - no matter your marital status - you need to have a Will. Every family is different and has its own set of particular circumstances that should be addressed in a personalized estate plan."
Name: Guy B. Garner
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Organization: Haiman Hogue, PLLC. - Arlington, TX
Address: 690 E Lamar Blvd #115, Arlington, TX 76011
Release ID: 89002188