It’s true that most people in the United States do not have estate plans. Roughly a third of Americans already do, but the rest either don’t plan to make one or simply haven’t done so yet.
One of the top reasons for this is procrastination. Why do people put estate planning off when it is so important for both them and their families?
They plan to do it later
One of the top issues is that people simply plan to write a will at a future date. They hadn’t gotten around to it, perhaps because they felt so busy with children or work. They are just waiting for the perfect time, but it never seems to come. But that time may never arrive unless people actively take steps to make time to do their estate planning.
They are waiting to acquire more assets
A related issue is that many people think they don’t have enough wealth. They are procrastinating their estate planning because they think it will only become necessary if they acquire more assets in the future. At their current income level, they mistakenly don’t believe they need a plan.
They’re waiting until they’re older
Additionally, they are those who are simply procrastinating their estate planning because they think of it as something they’re supposed to do after they retire, when they move into an assisted living home or simply at a point that feels closer to the end of their life. But the risk here, of course, is that people pass away unexpectedly all the time, so no one knows how long they have to create a plan.
An estate plan can be very beneficial for a family, helping to prevent disputes, distribute assets and much more. Those who don’t have a plan yet need to know what steps they can take.