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July 18, 2007
Motivation key to estate planning, Purdue Extension expert says
WEST LAFAYETTE, Ind. - Flying with her husband in a small plane during a storm, "Jan" was certain at one point they were going to crash. That experience prompted her to plan her estate.In this case "Jan" was able to plan for her family's future, but many people think of estate planning only when it's too late, said Sharon DeVaney, Purdue University professor of consumer sciences and retailing.
DeVaney, an expert on retirement and estate planning, said various life circumstances help people see the need to put estate plans on paper.
"Many people focus on estate planning with regard to who will take care of the kids," she said. "But the responsibility of taking care of older parents and changes associated with divorce can be just as important as motivators."
DeVaney created the Purdue Extension Web site, "Getting Motivated for Estate Planning https://www.ces.purdue.edu/getmotivated/," as a resource to give people the push to make estate planning a priority. The site features video interviews with real people like "Jan," who talk about what motivated them to plan for the future.
"Often estate planning keeps dropping to the bottom of the list when it comes to priorities," said DeVaney. "Getting them to move that to the top of the to-do list is our goal with this Web site."
Purdue Extension has many resources to help people with estate and retirement planning. The list of resources can be found at https://www.ces.purdue.edu/cfs/topics/FRM/index.htm under "Resources" or at https://www.extension.org under Personal Finance.
DeVaney said a common reason couples put off estate planning is because they can't agree on who should get the kids should they both die. Letting the legal system determine guardianship could result in a family tug-of-war over the kids or no one stepping up to take them.
"Unfortunately, if you don't decide in that circumstance the courts will, and that should motivate you," she said.
She said one way to help make the guardianship decision easier is to consider different people for different roles. Someone could be named as guardian while someone else might be asked to oversee financial or religious matters for the children.
DeVaney also suggests discussing estate planning with family members. She said this lets them know that you are making decisions.
"Making your estate plans clear can reduce the potential for conflict and misunderstandings," she said.
Some people fear that it will be expensive to plan for their estate. She said the expense can be minimal and should be upfront as a part of the planning process.Writer: Beth Forbes, (765) 494-2722, forbes@purdue.edu
Source: Sharon DeVaney, 9765) 494-8300, sdevaney@purdue.edu
Ag Communications: (765) 494-2722;
Beth Forbes, forbes@purdue.edu
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