There’s an interesting issue with estate planning. On one hand, everyone knows that they will eventually pass away and that an estate plan can be used for things like making important decisions or passing assets to the next generation. But at the same time, the majority of people do not have an estate plan.
So what causes this disconnect? What are some of the reasons that people put off making a plan?
Procrastinating until a later date
First and foremost, many people will just say that they haven’t gotten around to it or that they’re going to do it later. They may figure that they don’t need to do estate planning until they retire, assuming that they are much too young if they’re in their 30s or 40s.
Not sure where to start
Many people are also confused about how to get started with estate planning. How do they write a will? What documentation do they need? What other options do they have to set up a trust or things of this nature?
It doesn’t apply to them
One common problem is that people assume they don’t need an estate plan because they think it is something reserved for the very wealthy. But everyone can benefit, regardless of their income bracket. After all, estate planning can address the division of sentimental items, medical decisions and much more. It’s not just about dividing excessive wealth between family members.
Have you been putting off estate planning for one of these reasons? It’s always best to plan in advance, and it may not be nearly as confusing as you assumed. Just take the time to look into your legal steps to get the process underway.