If you have not yet made an estate plan, you may worry when you hear your friends and family talk about theirs. You might feel like the odd one out.
Unfortunately, you are not. Yet you are right to worry.
All adults should have an estate plan, but most don’t
You can make an estate plan as soon as you turn 18, yet many people still have not done so by the time they are 60 or 70. A survey by Caring.com discovered two-thirds of U.S. adults have no estate plan, even though many of them knew they should.
Reasons those surveyed gave for not having made one included:
- 33% thought they did not own enough assets to need one
- 13% thought it was too expensive
- 12% did not know how to do it
Let’s address those points: Everyone needs an estate plan because it lets people know what you want to happen to your assets. Failing to make it clear could lead to family squabbles. It does not matter if your family is arguing over $1,000 or $1 billion. It will still be distressing for them and others.
Estate planning isn’t just about property either. It also means planning for your ill health. It will cost something but not as much as you might think. Besides, the tax savings you can make with an effective plan will soon cover the costs of creating the document.
Finally, you don’t need to know how to do it, as legal help is available to guide you through the estate planning process.