You’ll find that the statistics make it clear that most American adults don’t have an estate plan. This may seem curious, considering the fact that everyone will eventually need one.
As it turns out, there are numerous reasons why people neglect to do their estate planning. Let’s look at a few below so that you can see why making a plan is so important.
They don’t know how to begin
One reason is that estate planning seems both important and complex, which it can be. This is intimidating. People are unsure where to start and so they do not do anything. They know they need a plan, but not how to make one.
It makes them feel nervous
Understandably, many people have no desire to think about their own passing. Estate planning means that you must do so. This can cause people to feel anxious or nervous, so they keep procrastinating to keep those feelings at bay.
They don’t think they have time
There are so many things to do in life, with work, a family and the necessities that you can’t avoid, that you may feel that you just don’t have enough time to do estate planning. This is especially an excuse for younger people, who often say that they’ll do it in some hypothetical future where things “calm down” a bit more.
You need an estate plan
Don’t fall for these excuses. Estate planning is necessary at any age, and it’s important to consider your options well in advance. Putting it off just runs the risk of creating a lot of legal problems for your heirs in the future.