You may have thought about making an estate plan for months or even years. Yet somehow, you never get around to it.
Identifying what is stopping you from doing something can sometimes help you to overcome the mental block.
Here are some possible reasons
A Caring.com study found that 60% of Americans do not have an estate plan. So while you are in good company, it would be much better to be in the 40% of people who have.
These are the top reasons people gave for not having made an estate plan yet:
- 34% did not have any major reason other than they had not got around to it yet
- 28% believed they did not need one because they did not own much
- 8% had not done it because they were unsure how to
- 6% had been put off by how much they believed it would cost them
It is never too late to make an estate plan. If you have not yet made yours, the sooner you do so, the better. Even if you do not currently own much, there are essential reasons to have one, such as detailing your healthcare wishes. You can update it when you acquire more or your situation changes.
If you are putting it off because you do not know where to start, remember you do not have to do it alone, as there is help available. If you are putting it off because of the cost, remember that the long-term cost of not having one could be far more.