Estate planning is easy to overlook since most people don't think about their death. While this is understandable, it can cause problems if something does happen to you. Only around 40 percent of American adults have taken the time to get an estate plan set up. That figure increases to around 81 percent for people who are 72 years old or older, which is a good thing.
We understand why you might be apprehensive about creating an estate plan. Maybe you feel like you would be borrowing trouble and that something is more likely to happen to you if you have it done. Maybe you just haven't made the time to get things together. which is the reason 47 percent of adults who haven't made a will cited when asked why they didn't have one. You might even realize that you do need an estate plan, but you just haven't made the move to get it done. Maybe you don't think you have enough assets, which was the reason given by 29 percent of adults who don't have a will.
Another issue that some adults think about when they are trying to decide if they need an estate plan is that they think they have time to get it done. This is especially troubling for young parents since their estate plan can provide instructions about who will raise their children if the parents both die.
Parents with minor children usually fall into the Generation X or Millennial category. The percentage of these categories who don't have a will is staggering. For GenX, around 64 percent don't have an estate plan and 78 percent of Millennials don't have one.
Today is a good day to start working on your estate plan. We can help you get your plan together so that your wishes are known and your family members have a plan when you pass away.