Some people create estate plans to make sure their heirs/beneficiaries receive their fair share of an estate or monetary inheritance. However, many individuals don’t bother with establishing a will or trust.
Only one out of three American adults have an estate plan. Below are some common reasons why so many people lack an estate plan.
They feel they’re too young to worry about estate plans
Some young adults — especially those who have not reached middle age — think only grandparents and elderly aunts/uncles create trusts or wills. Plus, they assume they won’t experience any medical issues since they are healthy. But incapacitation can affect anyone, including young people.
They think estate planning is too expensive
Many people feel they need to be wealthy to establish an estate plan. One cannot blame them since 61 percent of American adults who have a will make over $100,000 per year. That said, an individual can create an estate plan on a modest income.
They do not think it’s necessary because they don’t have a spouse or children
Because they don’t have a family of their own, some individuals feel there’s no point in establishing a will or trust. Nevertheless, an heir or beneficiary can be a pet, charity organization or close friend.
They feel an estate plan is too difficult to put together
Unfortunately, estate planning is one of those subjects teachers don’t cover in school. Therefore, after students graduate, they have no choice but to figure it out themselves. And since many don’t know where to begin in estate planning, they give up and hope for the best.
Estate planning is something people should tackle as soon as possible. Do you lack an estate plan and need assistance in creating one? Consider seeking legal guidance to help you with the process.