It’s very clear that people procrastinate making an estate plan when you look at the statistics. After all, most people will say that having a will or an estate plan is relatively important. But the stats show that 2/3 of Americans haven’t actually written will.
So what creates this level of disconnect? Why do so many people think that estate planning is important but not actually get around to doing it? Here are a few reasons why people tend to procrastinate.
They think they have time
To start with, many people just believe that they have decades in which they can draft an estate plan, so it seems like something they’ll do at a much later date. Someone who is 35 may think they don’t need a plan until they are 65, a full 30 years in the future. But the reality is that they could pass away unexpectedly before they make that plan.
They think they need more assets
Other people are waiting until they have gathered more substantial financial assets. Often, people associate estate planning with retirement. There are also those who think estate planning is only for the wealthy. But can help anyone, regardless of their personal income and assets.
They don’t know how to get started
One of the biggest issues is that people do want to make estate plans, but they don’t know how. This creates a significant barrier to entry, in the sense that people keep procrastinating because it feels overwhelming and confusing. But as long as they keep putting it off, this never changes.
If you find yourself in this position, it may help to work with an experienced legal team that can tell you what paperwork you need and how to use an estate plan to your advantage. Be sure you know exactly what steps you should take at this time.