When it comes to an estate plan, everyone needs one. They are not simply vehicles for the wealthy or older. According to the Huffington Post only 4 out of 10 adults have a will or estate plan. If you are one of these Americans, you may want to reconsider.
These numbers mean that over half of all Americans are unprepared. Why do Americans procrastinate or believe that they do not need an estate plan?
Younger Americans are the most likely not to have a will
Around 78% of millennials and 64% of generation X do not have wills. Younger Americans have a difficult time perceiving the end of their life. While no one wants to think about the end of their life, it is important to remember that the unexpected can happen. In this case, you could potentially leave your family with uncertainty. If you have children, it is particularly vital that you have some type of estate plan. Otherwise, your wishes about your child’s care and guardianship may be up to the court’s decision.
Americans with fewer assets most likely not to have a will
Sometimes, age goes with the fact that a person might have fewer assets. There is a common misconception that wills and estate plans are for the wealthy. Many believe that they do not have enough to give. This is not necessarily true. Wealth does not necessarily mean monetary assets. Your belongings and your assets may have value to your loved ones. In some cases, people may not recognize how much value is in their assets.