Once you make an estate plan, you will be a step ahead of most of the population. A staggering 66% of adults have not yet done so, according to a study by Caring.com.
What are the reasons for this? Is it just that people do not realize how important it is?
Adults have different reasons for failing to create an estate plan
64% of respondents said they realized having a will was important. A quarter said that recent inflation made it more important than ever. Yet, this understanding does not always translate to action.
40% of respondents said that they would only create a will when their life is in danger. The problem with this approach is that you might not be able to tell when your life is in danger until it is too late. People who get seriously injured in a car crash, workplace accident or incident in the street, for example, generally do not see it coming. If they could, they would remove themselves from the situation fast. You can’t make an estate plan when you are already dead. You can’t make one when you are lying in a hospital in a coma from which you might never emerge.
35% of respondents thought they did not own enough to need an estate plan. But, you do not need to own much to need a plan. It is not just about leaving assets, it can also cover crucial health care decisions and nominating someone to take care of your kids should you die before they turn 18.
42% blamed procrastination for their failure to act. As you can see, procrastination is a poor excuse, and it is one you and your family might come to regret.
If you do not yet have an estate plan in place, by seeking legal assistance, you may find the process is much simpler and quicker than you thought.