Three Main Reasons Why People Defer Protection of Heritage

Are you confused or do not know what to do with the protection of your assets? Unfortunately, many people don’t know the value or importance of estate planning. Most admit it is something they have to do, but still put it off.

Why is it happening?

These are the three main reasons why people continue to postpone the protection of their heritage assets:

  1. “I don’t have the money” or is it expensive?  However, if you don’t have an estate plan, the “attestation” process will end up costing your loved ones much more in the future than it would cost to plan today. If you have assets in your name and become incapacitated by illness or injury, your case will most likely be placed in a conservatorship. This process does not replace the probate process when you pass away; This means that your family will have to go through a new process in court and the consequence is more expenses and less money for your loved ones.
  2. Estate planning is only for the elderly or people of high economic level.  The truth is, estate planning is for everyone. Young people think that they are going to live forever but they have to be aware that any of us can become incapacitated or die due to an unexpected illness, injury, accident or act of violence. Planning is of utmost importance for families with minor children, and instructions for their care are included in the will.
  3. My family is close and will not fight for inheritance when I pass away.  Unfortunately, when it comes to inheritances, even the closest families are victims of minor disagreements, hostilities, and jealousy. These situations can cause the process of administration of patrimonial assets in the judicial process to take years to reach a resolution.

Why is it necessary to have a succession plan?

1.-  Because you make sure that your patrimonial assets are granted to the people you want, with the minimum delay, inconvenience and expenses.

2.-  Because your family will no longer have to deal with these situations before the courts in the event that you become disabled or die.

3.- So that your family knows that you care about them, that you want their needs to be met and protected in the event of disability or death.

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