10 & ½ Reasons Estate Planning is a Total Waste of Your Time

Here are 10 reasons, & a half, that estate planning is a total waste of time for you.

(Warning: satire ahead)

You Are Going to Live Forever

Congratulations, starting today, you have been chosen to know your exact date and time

Until then you will never be sick.  No accidents.  No incapacity.  No dementia.

You have no reason to plan.  Nothing will ever happen to you, so there will never be a time when you need help making decisions.  You will never have a stroke.  You will never develop dementia.  No times where you need a little help.

You know the exact moment and can put things off until just a few weeks before.

Your Children Are Completely Responsible With a Lot of Money

Your children are completely responsible and good at handling money.  They will not blow a large lump sum.  They won’t travel, have parties, buy cars, and invest in things that lose value rapidly.  No financial predators will call on them, ever.

You can leave them that large life insurance settlement without worry.  They will be completely responsible in managing it.  They don’t need any help or restraint in managing the money.

They will invest the money at a good rate of return.  They will leave the principal alone, and live off the interest.  They will put aside for their retirement years.

You Enjoy Creating Family Strife

It doesn’t matter how good they get along now, your kids (unless you have an only child) will fight over $5 trinkets.  Emotions run high.

Even with an only child, cousins will probably want something and fight for it.

You Don’t Own Anything or Owe to Anybody

Perfectly valid.  If you don’t own anything, owe anybody, or even rent an apartment, then you don’t need a plan, at least for the end.

You Prefer Paying Taxes

Without proper planning, you are going to pay more estate tax than you have to.

Okay, the exemption is around $5,000,000 right now, but that could change anytime.  In 2016 the President has asked for the exemption to be lowered to $3,500,000 and the tax rate increased to 45%.

You Like Making Your Children go Through Emotional Stress

Probate is not a joyful experience for most people.  For most people, it borders on emotional torment.

Probate is not free either.  You must want to cost your children at least 6% of the GROSS estate.

You Want to Give What you Have to the State

If you are the last of your line, and no relatives can be located, then your estate will default to the state.

Marriages are Perfect and Last Forever

Your marriage will last forever without strife or divorce.  You don’t need to worry about your spouse’s next marriage giving your hard work away to somebody other than your children.

Your children will never get divorced and have to give half of their inheritance to their ex-spouse.

Not Enough Time Invested

Something that only takes 4 to 8 hours of your time can’t be that important or that good.

Surely if estate planning were really worth it, you would have to put in 100’s of hours of effort.

Snake Oil

Something that says it can protect me during my life, protect my children from the foster care system, and protect my family after my passing must be snake oil.

Half a Reason

You don’t need to waste the time, energy, or money needed to create a plan.  After all, nobody really needs a plan for all the reasons listed above.