Many people procrastinate when it comes to putting an estate plan in place. Researchers in one study polled a group of Americans and asked them whether or not they already had an estate plan. Only about one-third of them had any estate planning documentation already completed.
These respondents were then asked why they did not have an estate plan, and 40% of them said simply that they just had not gotten around to it. That was the biggest single reason. They were putting off estate planning until a later date.
Why is this a risk?
Procrastinating when it comes to estate planning is common because people think it is something they only need to do nearer to the end of their lives. They also assume that they will live into their 70s or beyond.
However, the risk is that someone could pass away unexpectedly at any time. A person could have a heart attack in their 50s or die in a car accident in their 30s. These are simply realities of the unpredictability of life.
By constantly putting estate planning off, people could pass away and leave their family without much clarity or guidance regarding distributing assets among beneficiaries, guardianship of minor children and pets and many other important issues.
Setting up an estate plan
Rather than procrastinating, as so many people do, it is wise to get an estate plan in place early. Take the time to look into the legal steps necessary to create a plan that meets your and your family’s needs and give your family peace of mind.