The Real Cost of Putting Off Your Estate Plan
At Pettis Webber Pacific, we spend a lot of time answering important questions about estate planning and elder law—because so many of the issues that affect us all don’t always get talked about. And one of the most common misconceptions we hear is, “I don’t need to worry about estate planning yet.”
But here’s the truth: delaying your estate plan can end up costing you—and your family—far more in the long run.
Many people postpone estate planning because they think they’re too young, don’t have enough assets, or simply don’t want to spend the money. But waiting too long can lead to higher legal fees, unnecessary taxes, family disputes, and added emotional and financial stress.
Six Ways Waiting to Create Your Estate Plan Can Cost You More
1. Higher Legal Fees Due to Probate
If you pass away without a solid estate plan, your assets will likely go through probate—a court-managed process that validates your will (if you have one), settles debts, and distributes your assets. Probate can be long, complicated, and expensive. If your estate lacks clear instructions, the process may drag on for months or even years, racking up attorney fees, court costs, and administrative expenses. A well-prepared estate plan can help your family avoid or significantly reduce these costs.
2. Increased Estate and Income Taxes
Without proper tax planning, your estate could owe thousands—or more—in state or federal taxes. Effective estate planning includes strategies to reduce tax liability and maximize what your loved ones inherit. Some options must be implemented while you’re still alive, so the sooner you begin, the more you can potentially save.
3. Family Conflicts and Legal Disputes
One of the most heartbreaking consequences of not having an estate plan is family conflict. Without clear instructions, disputes over who gets what—or who’s in charge—can escalate into legal battles that cost time, money, and relationships. Even while you’re alive, lacking decision-making documents like powers of attorney can create confusion and conflict. Clear, documented wishes reduce the risk of these painful scenarios.
4. Loss of Control Over Your Assets and Healthcare
Without a will, trust, power of attorney, or health care directive, state laws—not you—will determine who gets your property and who makes your decisions. This can result in your assets going to unintended recipients or your medical care being managed by someone who doesn’t understand your wishes. And your financial and medical decisions during your life at a time you are incapacitated are likely to be managed through the courts. Legal planning puts you in control and ensures your voice is heard, even when you can’t speak for yourself.
5. Risks to Your Loved Ones’ Well-Being
Your estate plan isn’t just about money—it’s about protecting your family. Without naming a legal guardian for your minor children, the court will make that decision for you. Without proper planning for a loved one with special needs, their inheritance could disrupt government benefits they rely on. Careful planning avoids these unintended consequences and provides lasting protection.
6. Complications for Business Owners
If you own a business and haven’t created a succession plan, your business could face chaos after your passing. The business might be forced to shut down, sold off quickly, or fall into the wrong hands. A thoughtful estate plan can ensure a smooth transition and preserve the legacy of your hard work.
Take Action Now—Protect What Matters Most
Estate planning isn’t just for the wealthy or the elderly. It’s for anyone who wants to protect their assets, reduce burdens on their family, and ensure their wishes are followed. Life is unpredictable, but your future doesn’t have to be uncertain.
Whether you need to create your first estate plan or update an old one, we’re here to help. Click here to schedule a consultation with our team. Let’s create a plan that protects you, your family, and your legacy.
