Have you ever talked to someone who doesn’t have an estate plan? Maybe you were surprised. Maybe you were in the same boat – after all, most people don‘t have one. Maybe they even told you that they knew they needed an estate plan, but they hadn’t made one nonetheless.
You may find yourself wondering why they wouldn’t make the plan when it’s clear that it will eventually be needed. Here are a few potential reasons:
They’re confused about where to start
People who have not done estate planning before often find it very confusing. There are a lot of documents that have to be drawn up and certain steps that need to be followed. If they don’t know how to begin, that can lead to procrastination.
They’re in a habit of putting it off
Speaking of procrastination, people don’t always need a reason to put something off. Maybe it just sounds time-consuming or expensive or difficult. People procrastinate estate planning all the time, spending years saying that they will get around to it next year. But life is busy, and they may never find the time.
They don’t think they have enough assets
One common misconception is that you have to be rich to use an estate plan. A lot of people think they don’t have enough assets. But the reality is that an estate plan can be beneficial for passing along any amount of assets, and it can also do much more than just distribute those assets. It’s important for everyone to have a plan.
If you don’t have a plan yet, take the time to look into the legal steps need to get one in place as soon as you can.