Estate planning starts and stalls: What drives procrastination?

On Behalf of | Sep 16, 2020 | Wills |

T. Eric Reich unquestionably commands some chops when it comes to offering knowledge and advice concerning personal finances and linked planning. Reich owns an asset management company and writes weekly on financial matters via the online Reich Report.

Here is a point he centrally makes in his most recent column: Legions of individuals and families don’t timely engage in the fundamentally important task of estate planning.

That spells missed opportunity for Reich, who candidly queries why gaining traction with planning is a difficult endeavor for many people.

And then he answers his own question, stressing that “people often don’t seek out advice regarding estate planning because, quite frankly, they don’t know where to begin.”

That is actually a common lament concerning estate planning, and a voiced concern we suspect many of our readers have heard a time or two before – and perhaps even expressed themselves.

Reich weighs in on the matter, seeking above all to ensure would-be planners that taking the estate planning plunge is really not much of a big deal, provided that knowledgeable voices are sought out.

That might in the first instance be a financial adviser or other trusted money professional. Reich duly notes, though, that a seasoned attorney must ultimately be involved. He concedes that, while a select non-attorney might “help get the process started” in some instances, “Only an attorney can draft your documents to complete your plan.”

And not just any attorney. Reich underscores the importance of securing help from an “estate/tax planning attorney or certified elder law attorney,” because a lawyer with specialized credentials is optimal for overseeing estate planning’s complex and niche subject matter.

We welcome contacts to our firm and the opportunity to provide further information.