If you haven’t done your estate planning yet, that’s understandable. Most people haven’t. Throwing age out entirely, studies have found that the majority of Americans have no plan — despite generally acknowledging how important planning is and saying that they understand that they need to do it at some point.
As this shows, the main reasons that people fail to do their estate planning usually aren’t based on the idea that it has no value. They know it has value. So why do they fail to do it?
1: They’re just putting it off.
Perhaps most common is simple procrastination. People don’t fail to do estate planning because they’re never going to do it. They’re just waiting to do it in the hypothetical future.
2: They think it’s only for the rich.
It is true that the 1% may have more complex estate plans since they have such complicated assets, but estate planning is by no means only for the rich. Everyone can benefit from a plan to leave their assets to their heirs.
3: They don’t have enough time.
The process feels complicated and people often assume that they don’t have time to do it. You may be surprised to find out just how quickly and easily you can create an effective plan with the right legal team on your side.
4: They don’t want to think about it.
It’s natural to find the idea of your own passing a bit unsettling. However, it is a reality for everyone in this world, and planning ahead is the only way to make sure your family is taken care of when it happens. This love for your family can overcome your own natural inclinations.
5: It seems too complex and difficult.
Often, people are just intimidated by the legal process. It feels too complex. They don’t know how to begin. They put it off rather than getting started. If you feel like this, you need to know that working with an experienced legal professional can make all of the difference in the world.