Many Americans understand the importance of putting together an estate plan and have the intention of creating one. Despite this awareness, a recent survey shows that the majority have yet to take action; of the 2,644 respondents, only one-third said they had an estate plan in place. Michigan adults who intend to create a plan, but have yet to do so, are clearly not alone, according to the data. Here are some of the results from the survey:
- 67% of respondents do not have an estate plan in place.
- 40% of respondents who do not have a will say the reason they do not have a plan in place is because they simply have not found the time to do so, even though they intend to.
- 33% of respondents who do not have a will believe their wealth is not significant enough to justify estate planning.
- The remainder of those without a plan say their reasons are that estate planning is too costly or that they are unsure how to get started.
Based on these results, it is clear that estate planning is understood to be important by many, but there are some things standing in the way of actually getting started. Evidently, many people feel they don’t have the time or knowledge to fully engage in creating a comprehensive estate plan. Others may think that not being extremely wealthy makes estate planning irrelevant, when in fact it can be just as important for those who have less wealth to clarify issues like dependent children, pets, funeral costs and end of life decisions. Those who are facing these challenges may find it beneficial to speak to a Michigan estate planning attorney who can clarify the process and help take the important first steps.