When an unexpected event occurs that incapacitates a person or causes them to suffer an early death, whether or not they have an estate plan can make a huge difference on the situation. Thus, actually taking action to get an estate plan in place is important for adults in all stages of life. It is always good to be prepared for the unexpected.
Unfortunately, getting past just thinking about estate planning to actually taking estate planning actions appears to be something many individuals struggle with. This can be seen in some recent survey results.
In the survey, individuals were asked a variety of estate planning questions. The survey indicates that many individuals have thought about estate planning and acknowledge its importance. Around 69 percent of the respondents said that drafting a will is something they've given serious consideration and around 87 percent of the respondents who are parents indicated that talking with their children about estate matters is something they feel is important.
However, actually taking estate planning action was much less common among the respondents. Of all the respondents, only 34 percent actually had a will. Also, only around a quarter of the respondents had set up solid plans regarding elder care arrangements.
There are many things that could lead a person to drag their feet on acting on their thoughts regarding estate planning. The survey indicates that one thing that could be a big factor in people being reluctant to actually take estate planning action is lack of the right information. What do you think are some of the biggest hurdles to moving from just thinking about estate planning to actually setting up an estate plan?
Skilled estate planning attorneys can assist individuals with the process of getting an estate plan in place. Such attorneys understand how intimidating estate planning can seem and can give individuals the information they need to feel confident in their abilities to make important estate planning decisions. Thus, individuals who are thinking about estate planning may find an attorney's guidance very helpful in getting past the hurdles to taking estate planning action.
Source: Fox Business, "The Sad State of Estate Planning: Why Only 34% Have a Will in Place," Sept. 28, 2015