Have you been thinking about estate planning, but just haven’t done it yet? You’re not the only one. Reports show that this is what most Americans do—and only about a third of them have actually gotten a plan in place.
If you pass away without an estate plan, it’s known as dying intestate, and state law will make all the decisions about how your assets should be distributed. You need to draft a plan to avoid this potential outcome. Let’s look at some reasons why you may not have done so to understand why this is important.
Procrastinating until an older age
For one thing, some people believe they should make an estate plan in their 60s or 70s, so they just think they’re too young for it to be necessary today.
The reason this isn’t true is that people can pass away unexpectedly for a wide variety of reasons. From car accidents to unexpected illnesses, these things happen without warning. It’s often a good idea to make an estate plan as soon as you can and then just update it as you get older.
Not knowing where to start
Another potential issue could be that you just don’t know how to get started with estate planning. You don’t know what legal steps to take or what documents you need.
This is often a significant hurdle that holds people back. They know they want to make an estate plan, but it feels overwhelming to figure everything out. Plus, they may be busy with work, family life and much more. They just don’t have any experience with estate planning, and they’re not sure what to do first.
This is why it can be so helpful to work with an experienced law firm as you explore all of your legal options. Knowing what steps to take can help you get on track and draft the plan you need for your family.
