It’s no secret that many people in America wait longer than they probably should to start thinking about getting an estate plan together. Young people, for example, simply don’t see the need – they oftentimes aren’t thinking that far ahead. Some people may think that they simply don’t have the assets to go through what is perceived to be a complicated process of getting the appropriate documents in order. In many cases, people know they should have an estate plan but, for whatever reason, they just put it off.
The issue may be more concerning than ever before. A recent news article noted that, overall, the rate of estate planning among Americans is declining – and that is among various demographics. To make matters worse, even among those who do have an estate plan in place, recent studies show that those plans are out-of-date and need to be revised.
Bucking the trend
Thinking about estate planning needs can conjure up some uncomfortable thoughts: Who would make decisions on my behalf if I become incapacitated? Who should get my assets after I die? What are my preferences for healthcare needs at the end of life?
No one would blame a person for trying to avoid these uncomfortable thoughts and scenarios but, for those who want to be sure that their loved ones have a smooth path to understanding their wishes, and estate plan is crucial.
Estate plans don’t have to be overly complicated. But, there is no doubt that some are, depending upon a person’s family and financial dynamics. If you are thinking about getting your estate plan together, you may be bucking a national trend. And, if so, you should feel confident that you are making the right decision.