It is estimated that 60 percent of adults do not have an estate plan. Roughly 40 percent of baby boomers do not have a will or an estate plan in place. And the percentage progressively increases if you follow the generations down the lineage. Generation X hails a whopping 64, and Millennials at 78 percent, according to a study done by AARP. Procrastination, uncomfortable decisions, thinking they don’t have enough in assets, and fear seem to be the main reasons that so many people do not have an estate plan or will set in place. While the majority state that they “just haven’t gotten around to it yet”, the procrastination would seem to be founded in fear and denial. While everybody knows they will die eventually, and most have a desire to distribute their belongings in a particular fashion, it is still emotionally challenging to finalize those decisions, make appropriate inquiries and notifications with doctors and family, have those difficult conversations, and have everything officially documented. Not fun stuff. However, it is important to face those fears, as the alternative is to leave it for your survivors to figure out after you are deceased, which often times can be nothing short of a nightmare for your loved ones. It can take several months to even years to get through probate, costing your family time, money, and energy during an already difficult period.
You can prevent your legacy from being tarnished with memories of unnecessary hassle and struggle by having a comprehensive estate plan in place, regardless of your assets or age.