When you hear others talking about their estate plans, you might feel that you are the only one who has not yet made one. This could not be further from the truth.
One survey by Caring.com found that a mere 32% of U.S. adults have actually made their will. So, if you want to get ahead of the game, making yours as soon as possible is a good way to do so.
Why hasn’t everyone got one
Just like you, other people have their own reasons for not having an estate plan in order. Examples of reasons the survey highlighted included:
- Just not getting around to it (procrastination)
- Not feeling they needed one yet
- Fearing it would be too costly to make one
- Not knowing where to begin
However many other priorities you have, it is essential to realize that an estate plan could become a priority for you or your family when you least expect it — by which time it will be too late to make one. Examples could include if you are left incapacitated due to a catastrophic accident or you die without warning. It’s also important to note that you should make one even if you do not own much yet, as it is not just about transferring wealth and what you do own will still be important to someone.
Having an estate plan in place is to the benefit of you, your loved ones and anyone else you might want to leave assets. While there will be an expense, not having one could prove far more costly. If you are unsure where to start, don’t let that put you off; instead, seek guidance from someone who has the knowledge to help you learn more about your options and get that plan in place.