Estate planning is a necessity that, for one reason or another, people tend to put off. They don’t do it, even though they know they should. Don’t get caught up in this common trap.
Why does it happen? The reasons are different for everyone, but studies show that most people do not have an estate plan, so it’s clearly pretty common. Reasons include issues like:
- Not wanting to think about it or feeling uncomfortable
- Feeling too busy and like there is no time for estate planning
- Finding the whole thing confusing and not knowing where to start
- Not understanding the purpose of estate planning or the overall goals
- Assuming that there isn’t enough money to warrant an estate plan
Of course, along with this is the common assumption that people make that they can just do it later. Ask many people about estate planning, and they’ll say they know they should do and they’ve been meaning to, but they haven’t yet. They need to get around to it, they’ll tell you. They’ll vow that they’ll do it sometime soon, in time for their children to have an estate plan to help them.
The problem is clear: No one knows when that day is. You may have years or decades, or you may just have days. It’s always dangerous to assume that you can get do it later, but it’s a risk that a lot of people take.
Are you thinking about trying to get your plan in place here soon? Make sure you know what legal steps you need to take and how to get started soon.
