Common Reasons People Delay Estate Planning
A survey done in 2019 found that only 40% of American adults create a Will and do their estate planning, even though it is important. Moreover, this percentage has been seen to keep dropping for younger people. This might cause one to wonder why people put off creating an estate plan.
There are many reasons people delay working on their Will. Because most people assume that they are going to die well in their 80s or 90s, they do not worry about creating a Last Will in their 30s or 40s. However, life is uncertain, and you never know what might happen next. An estate planning lawyer can help you begin with the planning anytime you want.
Common reasons people delay estate planning
- They think they are too young.
First of all, no adult is ever too young to create an estate plan. Young people like to think that they are going to live for a long time and thus have a lot of time to think about creating a Will. It is easy to procrastinate when you are young because you never think you will experience yourself on the death bed anytime soon.
The sad truth is that people die at all ages. You never know when your time will come, so you should remain prepared. If you pass away with no Will, your family experiences various legal issues accessing the estate.
- They fear facing death.
This is one of the major reasons why youngsters today delay estate planning. Many young people are afraid to talk about their own death and confront the end of their lives. However, it is important to understand that refusing to talk about estate planning won’t make one immortal. All it will ever do is add to your stress and uncertainty.
No one can avoid death, but you can certainly avoid trouble for your family members by making the important decisions about your assets and debts.
- They think they do not own enough.
The feeling that people do not own enough assets is the single-most reason they put off estate planning. Youngsters usually wait until they are old enough and have enough assets to create a plan—for example, a car or a house. However, you do not have to own anything expensive to have an estate plan.
Your estate includes your assets, and assets can include anything, even items with less monetary value. A single piece of jewelry or clothing is also counted as an asset. If you die in an accident, your assets will have nowhere to go, and your family will be left confused. It is best to create a plan and make changes as you go.
