One thing that we know for certain is that everyone’s affairs will need to be taken care of at some point. This could mean paying taxes, distributing assets, making final medical decisions and much more. But there will come a point in everyone’s lives when this becomes necessary, and it is usually family members who have to take on these responsibilities.
This would imply that everyone would also have some sort of a plan in place for when their family needs it. This is what an estate plan can do in numerous ways — through will, trusts, advance directives and the like.
But the truth is that most people don’t have a plan. If you do already, you’re in the minority.
How many have a plan?
Some studies indicate that roughly 40% of American adults do have a will. Some have more, with trusts and other documents added to the overall plan, but at least this many have the most basic of estate planning documents.
The other 60% do not. Some of them think that they don’t have enough assets. Others think that they’re too young. Others do not have any children. None of these excuses hold up to scrutiny, though, and everyone should have a plan in place. Those who are putting it off need to remember that they can never know exactly when they’ll reach the point where it’s needed.
What can you do?
Odds are that you do not have a plan and fit into that 60%. If so, it’s important to look into the steps you can take to create the right plan for your family.