If you ask three Americans whether they have an estate plan, studies suggest only one will say yes. The other two will admit they haven’t drafted a will or any other estate planning documents. While they may agree that estate planning is important, they still haven’t taken this crucial step.
But why not? What holds people back? As it turns out, there are several common reasons.
Putting it off
Many people say they plan to write a will in the future. They assume they’ll live into their 70s or 80s and think of estate planning as something to handle later in life. However, this assumption is risky because people pass away unexpectedly every day, leaving their loved ones without clear instructions.
Not knowing where to begin
Another common issue is that people simply don’t know where to start. They’re unsure about which documents they need, how to draft a will, where to file those documents or how the overall process works. For many, a deeper understanding of estate planning would be enough to get them started.
Believing they don’t have enough assets
Some people dismiss the idea of estate planning, believing they don’t need a will because they don’t have significant assets. They may think estate planning is only for the wealthy—those with millions in the bank or extensive property. In reality, estate plans address more than just wealth. They can be beneficial regardless of someone’s economic status, addressing issues like guardianship for minor children, healthcare directives and other critical matters.
Taking the first step
If you haven’t drafted an estate plan yet, now is the time to look into the necessary legal steps. Estate planning is not just about protecting wealth—it’s about providing peace of mind for you and your loved ones.