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Potential reasons people don’t make estate plans

On Behalf of | Mar 15, 2022 | Estate Administration & Probate |

As you grow older, you likely become more and more aware of the need for an estate plan. Part of this is just the fact that you’re Gathering more assets, and you’re thinking about what’s going to happen to those assets and how it’s going to impact your family.

What you’ll find is that many people at this stage in life still haven’t made an estate plan at all. But why is this? It’s clear that these plans are going to be needed at some point, so why doesn’t everyone have one in place just in case it suddenly becomes necessary?

They believe they have more time

Perhaps the top reason that people don’t make estate plans is that they think that they have more time and they’re going to do it later. They may even set a goal like saying that they’ll make an estate plan after they retire or when they turn 70. And while this may work for many people, it is a risk, because no one can guarantee exactly how much time they have to make that plan.

They don’t think that they need one

Many times, people think they don’t need an estate plan because all they think about is assets. They don’t consider all of the other things that an estate plan can do, such as setting up a medical power of attorney so that you know who can make your medical decisions for you if needed. It’s important to really consider all of the options that you have.

They are not sure where to begin

In many cases when people clearly do have assets and they want to make a plan, the problem is that they just don’t know how to start making it. What documents do they need? How do they file the plan? The whole thing can start to feel very overwhelming. If they’re not even sure how to begin, how can they possibly get the plan put together? Again, this is not a good reason to procrastinate an estate plan since it can put your family in a bad position, but it’s very understandable that this can feel complex and confusing.

If you do find yourself in this position, and you want to do what is really best for your family in the long run, take the time to look into all of the legal options that you have.