Estate planning is not as common as many people assume. In fact, the average American simply does not have an estate plan right now. The percentages are always shifting, but roughly two-thirds of people in the United States admit that they haven’t written a will.
Are you wondering why people do this? Passing away without an estate plan increases the odds of disputes between family members and can massively complicate the process of dividing assets or even making medical decisions. Below are three reasons people often give.
1. They don’t know how to begin
First of all, many people are unfamiliar with the legal process. This is why guidance from an experienced firm can be helpful. These individuals just don’t know how to draft or file an estate plan, and it prevents them from taking this important step.
2. They don’t think they need one
Some people say that they don’t have enough assets to need an estate plan, so they don’t think it is necessary. The key is to remember that estate plans can address sentimental items, family heirlooms, healthcare decisions and much else. They are not just for the rich.
3. They are going to do it in the future
One of the most common reasons people give is simply that they are procrastinating about writing a will. They’re going to do it when they’re older or they just haven’t gotten around to it yet. But every day that goes by without a plan just increases the chances that they could pass away before they draft one.
If you haven’t made your estate plan yet and you can now see how important it is, take the time to look into your legal options.