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Does everyone have an estate plan?

On Behalf of | Nov 5, 2023 | Estate Planning

Everyone is entitled to make an estate plan once they reach the age of majority at 18. Provided they are of sound enough mental condition to know what they are doing, then it’s something they should definitely do as soon as possible.

So, why is it that, according to one study, 67% of adults have not yet made one? Researchers have looked at why people don’t make them. The following is an introduction to what they have discovered.

44% procrastinate

Most people can name several things they know they should do but just have not got around to yet. 44% of the people surveyed were not against making an estate plan; they just said they had not yet prioritized this process.

33% feel it is unnecessary

Few people go around expecting to die anytime soon. They assume they will live for years, so will have plenty of time to put a plan in place to deal with future ill health or eventual death. Others may feel their plan can wait until they have more assets to worry about.

12% think it will be too costly

People often have incorrect ideas about what something will cost. While making an estate plan does incur some costs, it is certainly worth it, and the cost of not making one could be much greater.

12% do not know how to do it

Making an estate plan is not straightforward. Few things are the first time you tackle them. Yet, this is easily solved by getting legal help to understand the required steps to put a plan in place that can protect you and your family.