You have always known that you will eventually need to write an estate plan. Maybe you just want to distribute your assets correctly to your beneficiaries. Maybe you want to lower the odds of estate disputes. Perhaps you are interested in making medical decisions for the future. You can address all of this and more in an estate plan.
But despite all of these benefits, you have not gotten around to making your estate plan yet. If so, you are certainly not alone. The majority of Americans are in the same boat and do not have a plan. If they pass away unexpectedly, they will die intestate and state law will have to determine how their estate will be handled.
Why don’t people make an estate plan?
You may have your own unique reasons for the lack of estate planning, but there is also a good chance that you are just procrastinating. Many people say that they are going to make an estate plan in the future. For instance, maybe they imagine that they can just draft a will after they retire in 20 years.
For others, the lack of estate planning comes down to misconceptions about who can use an estate plan. For instance, some people think that only wealthy individuals need to create a plan, forgetting about the need to address sentimental items or medical decisions.
Finally, you may not have written a plan just because you are not sure how to start. How do you write a will? Where do you file it? How do you get other documents, like a power of attorney?
If you’re in this position, it’s very beneficial to know what options you have and what steps you can take to get your plan started.