Studies consistently find that most people don’t have an estate plan in place. They do tend to develop these plans more often as they grow older.
Many retired individuals, however, don’t have a plan yet either. What are some reasons why people continue to put off this important task?
Assuming they have time
Perhaps the biggest reason is that it’s easy to procrastinate something like estate planning. Everyone assumes they have years or even decades to get their plan in place. Life gets busy and they just keep putting it off.
Finding it confusing
Additionally, many people are confused by estate planning, feeling unsure where they should start or what paperwork they need. They may want to develop a plan, but not knowing where to start can be enough of a barrier that they never even begin.
Thinking they need more assets
People sometimes say that they don’t need an estate plan because they aren’t wealthy. Others will say that they’re going to do their estate planning in the future, when they have acquired more of the assets they will earn in their lives. But in these cases, it’s usually best to make the plan early and then update it if more assets are acquired in the future.
The one thing that you can be sure of is that everyone will eventually pass away, and their family could find some level of guidance and assistance in an estate plan. If you have been procrastinating it and you’re now thinking that it’s time to get started, having experienced estate planning guidance is important.