If you are thinking about making an estate plan, you are already ahead of most people. Studies find that only one out of every three Americans has actually made an estate plan. Most people have not done it.
You may find this surprising, considering just how important estate planning really is. Below are a few reasons people give when asked why they have not written a will yet.
They believe they need more assets
Often, people will say that their total net worth is just too low for estate planning to be useful. The important thing to remember, though, is that even sentimental items can be included in an estate plan. It can also be used to set up a guardianship for a minor child, make future medical decisions for an incapacitated adult and much more.
They are not sure how to start
Confusion over the estate planning process is also common. What documents does a person need? How do they write a will, and where do they file it? Often, people can overcome this hurdle simply by looking into the initial steps and building a comprehensive plan from the ground up.
They believe they have more time
Procrastination, though, is one of the biggest issues. People just say that they are going to make an estate plan later, when they are older. The risk in doing this, though, is that someone may not have as much time as they expect, and passing away suddenly could leave their family without an estate plan at all.
This helps demonstrate why estate planning is important. If you are looking into drafting your plan, be sure you know exactly what legal steps you will need to take.
