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Do most people already have an estate plan?

On Behalf of | Feb 13, 2024 | Will |

If you haven’t made an estate plan yet, you may think that you’re falling behind. Perhaps you assume that most people already have a plan in place, and you’re the one who needs to get caught back up. In fact, maybe this assumption is why you are now considering making an estate plan in the first place.

It is quite important to make your plan in advance. That said, it is a myth that most people have already done so. The truth is that the majority of Americans don’t yet have an estate plan. You’re not alone if you haven’t made your plan yet, although you do want to take steps to get it in place.

Why do people procrastinate estate planning?

Most people won’t say that they’re never going to make an estate plan. They know that it can be useful. They’ll tell you that they’re just going to do it later, meaning that they’ve been procrastinating.

In some cases, people do this because they find estate planning confusing or even overwhelming. They’re not sure where to start, so they keep putting it off. There are also those who think that they need to wait until they have more financial assets. They keep pushing estate planning into the future as their assets grow.

One of the biggest reasons, though, is that people just guess about when they will need an estate plan. They may assume that they will live until they are in their 70s or 80s, so they’re waiting to make an estate plan when they are closer to the end of their life. 

Making an estate plan

Regardless of the reason, procrastinating estate planning is risky because a person could pass away unexpectedly, with no plan in place. This is just one reason why it’s important for you to look into all of your estate planning options this year.