How Many People Don’t Have an Estate Plan?

As of this year, only 34% of American adults have an estate plan in place! That means two out of every three people you know don’t have any plan in place. 

Despite culturally acknowledging the importance of an estate plan, the vast majority of Americans don’t have an estate plan. So why do we procrastinate?

Myths Surrounding Estate Planning

Many people believe that estate planning is only for the wealthy. When discussing trusts, many people think of “trust fund babies” such as Paris Hilton or the Rockefellers and assume they don’t need a trust. However, that’s not true.

If you own a home, trust is best. If you don’t, a will could be sufficient depending on your other assets (speaking with an estate planning attorney can help you determine what’s best for your situation).

Some people believe that estate planning is only for older or retired folks. That’s not true! Once you become a legal adult, your parents aren’t able to automatically step in if something were to happen to you. A comprehensive estate plan covers you from now until beyond the grave because you’ll name agents that can step in and manage your medical and financial decisions if you’re ever incapacitated.

Avoiding Uncomfortable Discussions

No one wants to talk about their incapacity, death, or who will step in and raise their minor children if something were to happen to them. If this is the case for you, think of it this way: you have insurance for your home and car, and chances are you’ve prepared for some sort of emergency at some point in your life. That means you’re ready for estate planning. 

Estate planning is similar to insuring your car or planning for an emergency. Estate plans are a guide for your loved ones for when and if something happens to you. An estate plan allows you to distribute your assets according to your wishes, name a guardian for your minor children, appoint someone to advocate for you in a medical setting if you’re not able to, and choose someone you trust to manage your finances if you’re not able to yourself. 

You and your loved ones deserve to have a plan in place for if the unexpected happens. Schedule a consultation to start planning today.