Think about your friends and family. Would you say that most of them probably have an estate plan in place? After all, you know they’ll all need one eventually — along with everyone else. It stands to reason that some people won’t have done it yet, but most probably have, right?
The truth is that about two people out of every three do not have a will. The majority of Americans have not done any estate planning. They are procrastinating about it for one reason or another.
Younger and older people seem more likely to have them
Estate plans are more common among those who are over retirement age. However, a recent study showed a surprising 63% increase in the drafting of wills by young people.
Interestingly, those in middle age still generally do not have them. Therefore, the overall totals haven’t shifted dramatically. It is interesting to see how both younger and older individuals may be more proactive in this area than those in between.
Do you have an estate plan?
So, which side of this equation do you fall on? Do you have an estate plan already, or are you thinking about developing one? Despite the numbers, this is very important, and a lot of family and legal issues could be avoided if more people just made a plan in advance.
If you would like to do so, make sure that you know what steps to take and that you understand the laws that apply. Remember that you can always make an estate plan early and then update it periodically as your life changes. An experienced estate planning attorney can help.