Estate planning is something that people often procrastinate. They put it off. They fail to make a plan even when they admit how important it is. As a result, the majority of Americans don’t have an estate plan.
You may be surprised to learn this, considering how beneficial an estate plan can be. What are the reasons that people give for neglecting to do this planning in advance?
They don’t know what steps to take
Many people just find the process confusing, overwhelming and expensive. They don’t know what documents they need, they don’t know how to file those documents once they fill them out and they just don’t know where to start. If you’re in this situation, taking simple steps to get started can be the catalyst to form the entire plan.
They don’t think they have enough assets
A common issue is that people believe they need to acquire more assets or that only wealthy individuals need an estate plan. But the reality is that estate planning can help with making medical decisions, setting up guardians for children who are minors and much more. It’s not just about money.
They think they can do it later
Finally, many people know that they want to make an estate plan in the future, but they don’t think they have to do it yet. This could be someone who is in their 30s or 40s and they plan to draft a will after retirement. But it’s often better to do estate planning well in advance, because of how unpredictable life can be.
As you can see, the common reasons to neglect estate planning don’t hold up to scrutiny. If you’d like to make a plan, be sure you know about your legal options.
