Most people understand that they will need an estate plan at some point in their lives. They’re going to pass away and they need to – at the very least – leave behind a will to tell their descendants what to do with their financial assets. Many are also aware that estate planning can go far beyond financial assets, so they may use a plan to make medical decisions and utilize other complex legal tools.
But, even though people know this, the majority of Americans haven’t made an estate plan yet. Here are three reasons why.
1. Misconceptions about estate planning
Some people simply fall victim to specific misconceptions about estate planning, such as believing that it is only for the very wealthy. But even someone who doesn’t have significant financial assets still needs to determine how to pass tangible items down to the next generation.
2. General procrastination
Many people are honestly just procrastinating. They’re putting it off because they believe that they can just do it later. Maybe they simply haven’t found the time because life is busy. People will often say that they “need to get to estate planning soon” but they never quite find the time to do so. Often, these people assume that they have years or decades left to make an estate plan, even though they could pass away unexpectedly.
3. Not knowing where to start
Finally, many people are unsure what paperwork they need or how to get the estate planning process started. They know that they need to write a will, but they don’t know how to do so or where to file it when they’re done.
This last category shows why it’s so important to understand all of your legal options. If you’ve been putting off estate planning for any reason, take the time to carefully consider the options at your disposal.
