Have you been putting off estate planning? Perhaps you know that it would be wise to write a will someday, and you fully plan to do so. It’s just something you envisioned doing in the future, perhaps after you retire.
If so, you are not alone. Studies have found that only one-third of Americans actually have an estate plan on file at this time. Most people don’t have one, and there are a variety of reasons why this happens.
They’re going to do it at a later date
One of the top reasons is that people assume they can make an estate plan in the future. But this isn’t always the case. Physical injuries or a sudden ailment could occur at any time, so it’s safest to have an estate plan in place for an uncertain future.
They don’t have enough assets
Some people say they simply don’t have enough money for an estate plan to make sense. But it’s not just about money. It’s also about splitting up sentimental items, making medical decisions and other important considerations.
They don’t know how to get started
Many people say they want to write a will or draft an estate plan, but they just don’t know where to begin. What paperwork do they need? Where do they file it? Should they use a will, a trust or other estate planning documents? Simply learning more about the process could help them get started.
If you don’t have an estate plan yet, it’s important to get one in place so that your family has proper guidance at such a critical time. Be sure you understand all the legal steps you can take moving forward.
