It’s very common for people to admit that they are procrastinating when it comes to making an estate plan. They acknowledge that estate planning is important but still haven’t done it. In fact, roughly two-thirds of Americans don’t have an estate plan.
The reasons for this procrastination vary. You may even recognize some of these mindsets in yourself. It’s important to consider them carefully so that you can overcome any misconceptions and set up a plan that works for your family.
Waiting until they have more assets
First, some people say they are waiting until they have maximized their personal wealth. They view estate planning as something meant for wealthy individuals, so they delay it until they believe they have reached that point.
Waiting until they’re older
It is also common for people to say they will make an estate plan when they’re older. For example, someone in their 50s might say they will get around to it in their 60s or 70s. They assume estate planning will be most useful later in life, and life expectancy in America is in the late 70s.
Finding the process overwhelming
Often, people feel daunted by the estate planning process. They don’t know where to start or which documents they need, leading to procrastination—even when they understand the importance of having a plan. This hurdle just keeps them from getting started.
The risks of procrastination
Procrastinating estate planning is risky because your unexpected passing could leave your family with little direction. An estate plan can be useful at any age and any asset level. Take the time to explore the necessary legal steps to get your plan in place.