If you ask people if they have a will today – not if they’re planning to write one eventually – most people will say that they don’t. Statistically speaking, only a third of Americans have made an estate plan. This means that the average person just isn’t going to have a will on file right now.
There are some people who believe they don’t need to write a will or make an estate plan at all, but this is not the norm. Most of the time, people recognize that they will eventually want to create a plan. Here are three reasons why they may not have one yet.
They Want to Earn More
First of all, some people are just looking at their net wealth. They may think that they should make an estate plan if they are significantly wealthy, but that they’ll need to earn more money to reach this level. This is a misconception, though, as even small amounts of money can be divided with a will.
They Believe They Have More Time
Often, people just put estate planning off because they think they have plenty of time to make a will in the future. They don’t see any point in rushing and doing it now. But the risk is that they could pass away unexpectedly at any time.
They Don't Know How to Write One
In many cases, people say that they just don’t know how to write a will. Does it need to be handwritten or typed? Do they need to have any witnesses? After they write it, where do they file the paperwork?
This final reason really establishes why it’s so important for people to understand what legal options they have. Estate planning is useful and procrastinating is a risk, but learning what steps to take can be beneficial for you and your family.