It sometimes seems natural to assume that everyone else has a will or some type of estate plan in place. There are always some benefits to an estate plan. Even someone that doesn’t have that many assets may want to set up an advance directive for medical decisions, for example.
But if you don’t have an estate plan yourself, you may be wondering if you’re in the minority or not. Do most people already have this plan in place?
Most Americans are in the same boat
The truth is that you have very good company if you haven’t made an estate plan, because most people in the United States haven’t done it. It is less common with younger individuals, as you would expect, but that doesn’t change the fact that the average person has done no planning at all.
There are numerous reasons that people make this mistake. One reason is just that they plan to do it when they get older. Another is that they want to accumulate more assets before making a plan. There are also those who aren’t sure what documents and forms they need, along with those who just find the process too complicated and too confusing.
But whatever the reason, those who do not have an estate plan are taking an exceptional risk. If something unexpected happens, their family would have no information about how to divide assets, what medical decisions to make and things of this nature.
For this reason, it’s always best to have an estate plan in place, just in case something occurs. Be sure that you know what steps to take to make your estate plans the best for your family’s needs.