Common objections to estate planning

VIDEO TRANSCRIPT:  First we'll start with some common objections to estate planning. The truth of the matter is estate planning can be very boring. I mean, let's face it. Talking about estate taxes and different kinds of living trusts would cause most people's eyes to glaze over, and sometimes that does happen. So we're going to try and make it as interesting as possible. We can't compete with your favorite movie or a great book but we'll do our best to make this as interesting as possible. 

One of the other objections I get is people say, "Rob I'm too busy. I can't take the time to do all of this" and frankly it is kind of involved. You do have to carve out some time and do it and many people are busy. They are driving their kids back and forth, doing their work, doing this, doing that. And sometimes it's very difficult to find the time to do these important things. But I promise you, you will not regret having taken the time to protect yourself and your family. So don't let those things get in your way. We are so busy creating our estate that we don't take the time to protect our estate. "Estate planning is for old people, Rob. I'm not old people yet." And this is one of those things... we've been conditioned to think that estate planning is for old people because we see it in the movies. People are on their death beds signing legal documents and then they'll have some kind of meeting where they'll say, "Ladies and gentlemen, the reading of the will" after the old person has passed away at the hospital.

Frankly estate planning is not for old people. It's for wise people, people create a plan. I mean, you could be in your 20's, 30's, 40's. It doesn't really matter. You've got to sit down and come up with a plan for your estate. How are you going to protect yourself? How are you going to protect your family? And these are questions that are not exclusive for old people. I think one of the reasons this happens is because people wait until they're old before they do this. And they keep procrastinating. So maybe that's where it comes from. 

Some people think that if they create their estate plan or do their will or their living trust they're going to die sooner. I have news for you. You're going to die anyway so you might as well make sure you are ready for it and you have a good plan in place so that you're protected. "Estate planning is for rich people." This is probably the biggest problem I have to explain to folks. Estate planning is not just for rich people. I mean yes rich people do it but ladies and gentlemen we have to learn from rich people. They're not rich by mistake. They are rich for a reason. And they are rich because they use the very same tools that are available for average people. 

And average people just don't take the time to do this and so what happens in this country, we generally lose wealth within one or two generations. That's right between one and two generations, the wealth is lost in this country. And that's generally because people don't create a plan. And I think part of the reason is that they think estate planning is for rich people. We'll come back to that in just a second. And there is a condition called paralysis by analysis. Sometimes people can't agree on who their trustees are going to be. Who their executors are going to be. Who they're going to name as guardians for their children. And as a result basically they analyze it far too much and there you have it. Too much analysis leads to paralysis which leads to absolutely nothing, nothing happens, nothing is planned. And the client is back at square one.