When you think about how many people do their estate planning, it's easy to assume that every adult must have some sort of plan. After all, everyone has assets, even if some people have more than others. Many people have children. And, above all else, all people are going to pass away at some point. That's the human condition. It's the world we all live in. Certainly, we're all prepared, right?
Not really. Reports show that about 42% of people in the United States actually have written a will. This means that the other 58% have nothing in place. They have no plan for their heirs, no plan for their assets and no real idea what will happen to their estate when they pass away.
They know that they're heading toward that eventual end and the chaos it can cause, but that's where they're going all the same.
Often, the issue is not some misguided idea that they do not need an estate plan. It's just the idea that they do not need one today. They feel like they can do it later. Put it off for another day. Set things up when they get closer to needing it.
That's quite a gamble, especially for those with families and/or with significant assets. No one can predict when they will actually need that estate plan. More than half of people in the U.S. are trying to do so, but many will likely pass away before taking action.
Don't let that happen to your family. Learn about all of your legal options well in advance.