If you haven’t done any estate planning, but you know you need to, you may feel like you’re falling behind. Don’t most people at least have a will?
The truth is twofold. First off, no, most people do not have an estate plan. In fact, reports have found that 68% of people don’t even have the most basic documents, like a will. They haven’t come close to considering trusts, business succession plans, powers of attorney and other more complex options.
You should get started
However, just because you’re not falling behind doesn’t mean you should wait. The fact that most people haven’t done their estate planning is a major issue in the United States. Do not follow this trend. Put your family first by creating a plan that addresses their needs.
The problems with not having a plan are numerous. For one thing, it’s more likely that your heirs will get into a dispute over your estate. For another, you may end up losing money and other assets — to taxes and the like — that you could have saved with a plan. There’s no sense in letting the government take what you can protect.
Why your family needs you to take the time to do your estate planning
Worst of all, though, not having an estate plan just makes things harder on your family. Whether you pass away suddenly or after a long illness, they are going to be under some level of stress, and the lack of a plan for the future just enhances that. Be sure you know what legal options you have and how to create a plan that puts your family and their needs first.