On average, only about 1/3 of all Americans have drafted an estate plan. This means that most people do not have a will, they have not created a trust and they have not taken other steps to plan for the future, such as setting up a power of attorney.
When someone passes away without an estate plan, it can significantly complicate things for their family members and increase the odds of conflicts and disputes. So why is it that people fail to take such an important step?
They do not know where to start
In some cases, a person will simply be confused about how to get the process started. What paperwork do they need to write a will? What financial disclosures are necessary? Where do they file that paperwork? This is why it is so important to start looking into your options, as getting the process underway can help to make things feel a bit simpler.
They do not think they need a plan
Some people make the mistake of thinking that it is not necessary for them to create an estate plan, perhaps because their net worth is relatively low. But an estate plan can also address things like family heirlooms, future medical decisions and much more. Regardless of the value of your estate, planning in advance is important.
They believe they have more time
Perhaps the top reason that people do not make an estate plan, though, is that they are putting it off until they are older. This is a very risky form of procrastination, however. In many cases, it is best to write an estate plan early and then update it periodically, rather than waiting for a more advanced age.
If you do not have an estate plan yet, perhaps for one of the reasons noted above, it can be helpful to work with an experienced attorney to explore your options.