If you had to guess at the percentage of people who have an estate plan, would you assume that it is pretty high? After all, everyone needs to have a plan someday. We all have assets, and we will all eventually leave them behind for the next generation. It seems like most adults should have a plan in place, considering none of us can know when that day will be.
Though there has been a rise in estate planning over the last year, especially among younger adults, the truth is that most people still don’t have a plan. Why is this?
Potential reasons people neglect their estate planning
Every person who does not have a plan may give you their own unique reasons, but odds are they’re going to fall into one of the following categories:
- They are putting it off, but they do plan to do it later.
- They do not think they are old enough to need a plan.
- They do not think they have enough assets and/or they think that estate planning is just for the wealthy.
- They are not sure where to begin, even though they know it is important.
- They are intimidated by the process, making it easier to procrastinate.
Do you fall into the group of Americans that does not have a plan? Remember that you cannot be too young, that everyone has enough assets for a plan to matter and that procrastinating is dangerous because you cannot know what the future holds. Take the time to look into all of the estate planning options you have so that you can decide what is best for you.