Eventually, 100% of Americans will reach a point in life where they could use an estate plan. Even so, some reports claim that a full 67% of Americans do not have an estate plan yet. This leaves roughly 1/3 of all people with the documents in place that they actually need as they approach the end of their life.
It’s a risk to wait this long to do your estate planning, so why is it so common? Let’s look at a few of the reasons that people sometimes put it off.
They don’t think they need it yet
One big reason is that people think of estate planning as something to do in their 60s or 70s. A person in their 40s or 50s may think that they simply don’t need the plan yet. But the thing to remember is that you can always update the plan, so it’s usually best to make that plan in advance.
They are only thinking about finances
Another reason that people don’t do planning is that they think that it’s purely a financial exercise. A lot of people will tell you that they don’t think they have enough assets for estate planning to be worth it. But estate planning can do many other things, such as setting up medical powers of attorney.
They don’t know where to begin
Often, even those who have considered estate planning and realized how important it can be just aren’t sure how to get started. This can feel like something of an overwhelming process. But you’ll find that it can go very smoothly once you know what documentation to use. That’s why it is so important to understand all of the legal steps you’ll need to take to create your plan.