The lack of estate planning is a major issue in the United States. The majority of people don’t have an estate plan in place right now. It is true that people do tend to make these plans more often as they get older, but it’s also clear that many people are likely to pass away intestate, which is when they don’t have a will or an estate plan.
This causes all sorts of problems for the family, such as losing additional money to taxes or having to deal with estate disputes. So what are some of the reasons why people take this risk and don’t make an estate plan?
They don’t know how to get started
Many people, when asked, would say that they do want to write a will. They just don’t know what documents they need, they don’t know how to file them and they don’t understand the legal process. This confusion can keep people from getting the process underway.
They think they need more assets
One common misconception is that only wealthy people need to make an estate plan. But remember that estate planning can be used for passing on family heirlooms, making medical decisions, setting up guardianships and much more. It’s not just about excessive amounts of money. Sometimes people think that if they add heirs to their real estate title or bank accounts that it is sufficient estate planning – it is not!
They think they can do it later
Perhaps the most common reason is just that people procrastinate. They think they can make an estate plan in 10 years or 15 years. Some of them will, but some will pass away unexpectedly – before they get a chance to do it.
If you do not have an estate plan yet, it may be worth considering. It can be very beneficial for your family, so be sure you know what options you have. Call our law firm today to learn more.