Estate planning is something that the majority of Americans have not yet done. Studies have found that about two-thirds of people don’t have an estate plan.
This can be somewhat surprising, considering that estate planning should, in theory, be very common. Won’t everyone eventually need an estate plan? Why are so many people put off taking such an important step? Let’s look at a few common reasons.
They’re planning to do it in the future
Above all else, the biggest reason that people haven’t developed an estate plan is not because they don’t want one or even because they don’t think it’s valuable. They just think that they don’t need to do it yet. Many people in their 50s and 60s, for instance, may talk about making an estate plan in their 70s.
They think they need to accumulate more assets first
One reason that people wait to put an estate plan in place until they get older is because they think there’s no point in doing it when they’re younger and they have far fewer assets to their name. However, it is safer to create an estate plan with fewer assets and then update it as you gain more in the future than not to have one.
They don’t know how to get started
Additionally, there are those who would be more than willing to put an estate plan in place as soon as possible, but they don’t know how to begin. It can be a complicated process with a lot of very specific paperwork. Sometimes just getting that first document completed can be the catalyst to get you to work on the entire plan. Having experienced legal guidance can help you know what steps to take as you do.