- Cole Gorman
Most people don’t have an estate plan
Did you know that most adults in this country do not have an estate plan? It should be a high priority since everyone will eventually need one. But studies have found that roughly 2/3 (or 67%) of the adult population have not done any planning. They haven’t written a will. They haven’t set up a trust. They don’t have any powers of attorney established.
WHY DON’T THEY DO IT?
You may be surprised that people haven’t taken this important step. But most people equate estate planning with aging. They think of writing a will as something that you do as a grandparent or after retirement.
Accordingly, many younger people procrastinate, putting off estate planning unintentionally. They believe that it’s something that they should take care of later. They know it is important to have a plan but assume that they don’t need it yet.
This is a myth, of course, because no one can predict exactly when that estate plan will be needed. Additionally, estate plans offer a lot of tools for younger people, such as creating a medical power of attorney or setting up a guardianship for their own children. It’s not just something that you do after retirement.
CREATING A PLAN
It’s best to plan early – you can always update your estate plan in the future. Ensure you know what steps to take to establish a plan that’s right for you