We mentioned in a previous post that not many people have made an estate plan. Only 33% of adults in the country have put one in place.
Let’s now look at why that is. Or, more specifically, what those interviewed for the survey that produced these figures gave as their reasons for not having made one (as you could argue that when a problem is so widespread, there are deeper root causes at a society, educational or governmental level).
The top 5 reasons
Here are the top five reasons people gave for not having made their estate plan yet, alongside some arguments against them being valid reasons:
- 43% blamed procrastination: We are all busy. So, it is understandable that people put things off. Yet, when you track how much time most people spend watching TV or scrolling through the internet, you can see there are enough hours in the day to make an estate plan.
- 40% believed they did not own enough to need one: Estate planning is not just about assets. It’s about planning for ill health. It’s about making things simpler for those you leave behind. Even if you do not have much to give them, there are important steps to take. Besides, when you do not have much, ensuring what little you have gets into the correct hands becomes even more important.
- 16% said they did not know how: There is an easy solution to this – get legal help.
- 16% thought it too expensive: There is an initial cost, but it may be much less than you think. Besides, the long-term cost of not making one could be much higher.
- 8% believed it was too difficult or would take too long: Once again, get help. That will make it simpler and quicker.
As you can see, there’s rarely a good reason to delay estate planning. Getting legal guidance to learn more is a good first step.