Have you been putting off making an estate plan? You’re not alone. This is true for the majority of Americans, with around 2/3 of the population still having failed to create an estate plan.
But why have you been doing it? It can sometimes be helpful to look at common reasons that people cite to see why it may be time to start working on your plan.
They don’t know how to get started
First off, many people know that they need an estate plan, but they have no idea where to start. If you’re in this position, it’s just helpful to look into the proper legal steps you’ll need to take and all of the necessary paperwork.
They don’t think they have enough assets
If you don’t think you have enough money to make estate planning worthwhile, just remember that it’s about more than money. For example, you could use a medical power of attorney to name an agent who can work with your medical team if you become incapacitated. This is just one example, but there is much value to an estate plan that goes beyond distributing money and assets.
They’re just procrastinating in general
Finally, many people don’t really have a reason for putting off estate planning, other than they believe they can do it later. Someone in their 30s may not think that it’s necessary until they’re in their 60s, for example. But people cannot predict when they will pass away or when their family will need that estate plan.
No matter why you haven’t made a plan yet, drafting one can be quite beneficial for your family. It may be wise to look into the proper legal steps to take.