The Reasons People Fail to Create an Estate Plan
Few people wish to think about their mortality, let alone take time to plan for those they leave behind, according to a 2019 survey by Care.com. Here are the reasons people fail to create an estate plan:
* “I haven’t gotten around to it.”
Procrastination is the biggest reason for the delay, according to the survey, with 54.3 percent of people saying they have failed to make time for this critical financial task. Generally speaking, the process of preparing an estate plan involves gathering documents and meeting with an attorney and/or legal assistant.
* “I don’t have enough assets to leave to anyone."
All people should have a will or a living trust regardless of age or assets. If you own a home or any property whatsoever (including an automobile, savings account, IRA), you have an estate. A will indicates to a court how to distribute assets in a proceeding called probate. Probate gives a public notice of death and allows creditors to file claims against the estate. Whatever is left after creditors goes to the beneficiaries.
* “I don’t know how to hire a lawyer.”
Some people may be reluctant to hire a lawyer due to a negative interaction they’ve had in a different matter, or they may find the process of finding an attorney to be intimidating. To hire one of O’Reilly Rancilio’s estate planning attorneys, call 586-726-1000, visit our website, or one of our social media accounts. Our experienced attorneys and staff will walk you through the process from beginning to end.
* “It’s too expensive.”
The financial factor is undeniable, according to the survey, which noted that nearly 80 percent of Americans live paycheck-to-paycheck and that 4 out of 10 middle-aged Americans have no emergency savings. Costs range depending on the complexities of the estate; however, a qualified lawyer could draft a simple will and power of attorney document for less than you may expect.
Surveyors questioned 1,003 adults (ages 18 and older) about whether or not they have prepared estate planning documents, including wills and trusts, and a whopping 57 percent said they have nothing in place. The number of millennials is low, with only one in five indicating that they have created a will or trust.
Did your reason match any of the reasons people fail to create an estate plan? If you’re among the majority of Americans who do not have an estate plan in place, be sure to call one of the O’Reilly Rancilio estate planning attorneys today at 586-726-1000 or visit our website.