Did you know that most people don’t have an estate plan? It’s true, as recent studies have found out that roughly 2/3 of all individuals polled do not have their estate plan in place.
There’s something of a caveat here, as age was not taken into account for this overall total. It is slightly more likely that older individuals will have an estate plan. But this still exposes a concerning reality where most people would not be ready if they passed away unexpectedly.
Why do they put it off?
There are a number of reasons why people put off estate planning. In many cases, it has to do with life expectancy. In the United States, it’s right around 76 years old. Someone who is in their 50s may have substantial assets, but they still don’t create an estate plan because they assume they have 20 years to do so.
In other cases, people don’t realize how important an estate plan is. Maybe they think they don’t have enough wealth for it to matter, which really just means that they are overlooking all of the other benefits of creating estate plans, even for those who are not exceptionally wealthy.
Finally, there are those who don’t like to talk about estate planning. It makes them feel uncomfortable because they have to talk about their own death. But this is a reality for everyone and should not be a reason to procrastinate getting the legal paperwork in place.
What steps do you need to take?
Have you been thinking about estate planning but delaying for one of the reasons listed above? If so, it may be time to look into your legal options so you can get that plan in place for your family.