An estate plan can do many things to help people at various stages of life. Young parents can choose guardians for their children. Elderly individuals can make decisions about medical care. People of all ages can decide how their assets will be passed on to the next generation.
Despite these benefits, studies consistently find that most people don’t have an estate plan. For instance, one study claims that 67% of Americans have not written a will. Why is this the case?
Many people plan to do it later
Often, the problem is that people assume they are too young to need an estate plan. They intend to draft a will once they are in their 60s or 70s. The risk, however, is that someone could pass away unexpectedly, long before they get around to making a plan.
Others are unsure how to begin
Another common reason people cite is simply not knowing how to get started. They understand the importance of having a will, but how do they draft one? Where do they file it? What type of documentation do they need? Since they do not know these answers, estate planning can feel overwhelming, so they put it off.
Drafting your plan
If you do not have an estate plan yet, you are certainly not alone. However, passing away intestate means that state law will decide what happens to your assets and family. If you want control over these decisions, it is essential to create your own plan. Take the time to carefully look into the legal steps necessary to establish an estate plan this year.
