It can be argued that every adult should have at least a simple estate plan. It can still be used to divide assets, even if they are minimal, and estate planning goes far beyond the financial side. You can also use it to set up a medical power of attorney, for instance, so that your medical care is taken care of properly.
With this perspective that everyone should have an estate plan, you might be surprised to find out that most people don’t. Why is this?
They’re simply waiting until later
One of the main reasons that people don’t make an estate plan isn’t that they don’t think it’s important. They do. They fully understand that everyone should have one. They’re just waiting until later to make it because they may think that they are too young or just that they have decades ahead of them in which they can create the plan, so there’s no rush. This may be true, but it’s risky when you don’t actually know how long you have.
They’re not sure how to get started
Additionally, there are those that know that they need a plan, but they just feel overwhelmed by the whole process and they don’t know how to begin. They may not know how to write a will or how to set up a power of attorney. The value of these things is clear to them, but it’s not something they feel like they can just do on their own over the weekend, so they keep putting it off and telling themselves that they’re going to learn about it later. Once again, this is a risk.
If you find yourself in this position, it may help to work with an experienced legal team. You can explore all the options you have and learn more about the potential steps you can take.