You may have heard that estate plans, despite being needed by everyone at some point, are not actually all that common. It’s been estimated that 2/3 of Americans don’t have an estate plan.
If you were surprised by this news, you may be wondering why people haven’t done their estate planning yet. They know they need to do it eventually, but most people haven’t even started. Here are a few reasons why.
They plan to do it later
Perhaps most common is the fact that people believe they can just do their estate planning later. For instance, a person in their 40s may understand that they do need to create a plan someday, but they think they still have 20 or 30 years before they need to make it.
They don’t know how to start
In a lot of cases, people just don’t know how to get started to make that plan. Even understanding some of the very first steps to take can sometimes be the catalyst to get them to make the entire plan.
They’ve overlooked useful tools
Finally, there are those who believe that estate planning is just about dividing assets, and they don’t know how much more it can do for them. They haven’t considered making a medical power of attorney, for instance, despite the fact that it can help them and their family ensure that they get proper medical care.
If you haven’t made your estate plan yet, perhaps for one of the reasons listed above, it’s very important to understand exactly what steps to take. Estate planning is wise for anyone, at any age, and it is often far easier than people assume.