Did you know that only 34% of the U.S. population – when looking at adults – has written in an estate plan yet? It’s true. Only about a third of Americans have a plan in place that their family can use when they pass away.
One of the top reasons for this issue is just procrastination. For instance, 32% of Americans in one poll claimed they were going to make an estate plan in the future but they hadn’t gotten around to it yet. They may have been waiting until they retired. But is this wise?
It can create problems for your family
There are a lot of issues with procrastinating estate planning, starting with the fact that it increases the odds of an estate dispute. If you pass away unexpectedly and your family members don’t have a plan, they may get into disputes about medical decisions or asset division. Creating an estate plan can give them guidance so these disputes don’t take place.
Additionally, remember that you can update your estate plan. Some people put it off until retirement because they want to know what assets they’re going to own or how much more money they will earn over that time. But don’t worry about doing estate planning too soon, when you don’t have as many assets. You can always make a plan today and then update it as your financial picture changes.
Creating an estate plan
If you don’t have a plan, you need to be aware of the risks of procrastinating. Take a moment to look into all of the legal options at your disposal.
