Studies have found that only around 33% of Americans have actually written a will or set up an estate plan. The other two-thirds have not yet taken this step, even though many of them will say that they know estate planning is important and they intend to make a plan in the future.
But why don’t all Americans at least have a basic will in place? Everyone is going to pass away eventually, and an estate plan can provide important guidance to their family. It can be helpful to consider some of the reasons why people still have not taken this important step.
Misconceptions about age
One potential issue is that people think they do not need an estate plan at a young age. They may be waiting until they are in their 60s or until they retire from their job. They are just procrastinating, which is a risk because they could pass away unexpectedly.
Lack of assets
Some people also claim that they just do not have enough assets or that they think estate planning is only for the wealthy. This is also a misconception because estate plans can deal with medical decisions, inexpensive family heirlooms and other issues that affect those in any income bracket.
Confusion over documentation
Finally, you will find people who say that they know they need to write a will, but they just do not know how. They are unsure what documentation they need. They do not know how to get the process started.
For those in this category, it can help to work with an experienced estate planning attorney to evaluate their unique situation, the needs of their family and the options they have to draft an effective estate plan.