Do you think you should have a will? Have you not gotten around to writing one yet?
If you answered yes to both of those questions, you’re in good company. Researchers have determined that most people in the United States do think that estate planning is important, and they know they should have a will. At the same time, they found that the majority of Americans still do not have a will — despite this outlook.
The study claimed that 76% of those asked said that estate planning was important. It also said that 57% of those in the survey had not done it yet. Some age groups have even lower odds. For instance, a mere 20% of millennials have an estate plan.
The problem, in many cases, is that people view estate planning as something to do later. They think it’s important in the scope of their entire life, but they don’t think they need to worry about it until they’re older. That’s why the younger generations have not done it yet.
This outlook does pose some problems. Many people in these age groups do have children, savings, homes and other assets. They do need an estate plan, and there is no guarantee they will live long enough to do that planning in their 70s or 80s.
It’s critical to get estate planning done in advance so that you have a will for your family when they need it most. Make sure you understand what options you have and what steps you will need to take to prepare for the future.