Estate planning can appear to be an incredibly complex process when one is approaching it for the first time. That is one reason many people have not drafted any estate planning documentation to date.
A recent survey of over 2,000 U.S. adults by Caring.com found that only one-third of them have an estate plan in place. That’s clearly a problem. The reasons they gave for their hesitation to invest their time and effort in this critically important process are as follows
- 42% put it down to procrastination
- 35% didn’t think they had enough assets to justify creating one
- 15% didn’t know how to make one
- 14% thought it too was too expensive
- 7% thought it was too complicated
Some people acknowledged more than one factor had influenced their hesitation to engage in estate planning.
Why is it so important to have an estate plan?
A well-thought-out estate plan can simplify things for your loved ones when you die. Your death will already be a challenging time for them, and if you go to the grave without a plan in place, it will make things even more complicated for them. Additionally, it can help you to ensure that your wishes are honored. If you die without a will in place, it will be the state that decides how your assets are allocated, not you.
It’s also important to understand that certain estate planning documents can help to ensure that your wishes are honored – and that your interests are protected – in the event that you are incapacitated due to a medical emergency.
There is so much to consider when creating an estate plan. That’s why it’s best to seek legal help to explore your options before it’s too late to do so.