The United States is one of the wealthiest countries in the world. Much of this wealth is going to be passed down from one generation to the next. Though life expectancy is now around 80 years old, everyone knows that they’ll have to address this issue eventually.
And yet they don’t. Most people do not have an estate plan and this is actually growing more common, not less.
Excuses for not doing an estate plan abound. Some people do not know where to begin and they would make a plan if it did not feel so intimidating. Others worry that it is going to cost too much or that it is not really going to be worth it. Some claim they are waiting until they have more assets, as they can’t see a reason to plan with what they own now.
The biggest reason for waiting, though, is that people are hoping to do it, but they’re just “going to do it later.” They’re procrastinating their estate planning. It feels like a job for another day, perhaps when they are older and closer to needing that plan.
Naturally, the issue with this approach is that you never really know how close you are. The future is uncertain. These people risk passing away without any plan at all just because they thought they had another year or another decade.
That’s a big gamble to take. Is it really a risk you want to expose your family to? If not, make sure you look into the estate planning options that you have today.