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Do the majority of people have estate plans already?

On Behalf of | Sep 17, 2021 | Estate Planning

You know that you and everyone else will use an estate plan eventually. It may be before you pass away, such as in a case where you need loved ones to make medical decisions and handle your legal affairs as you fight a disease. Or you may be in perfect health until you do pass away, and then the estate plan simply helps pass your assets on. 

Either way, though, it’s clear that a plan will be needed. Does everyone else share this view, meaning that most people already have a plan in place?

Those who have plans are in the minority 

In reality, roughly 60% of adults in the United States don’t have a plan. They have no will to pass down their assets, they have not set up trusts or other accounts and they certainly have not created advance directives and other documents to tell their loved ones how to take care of their affairs and make decisions for them. 

Many of them know they should have a plan, but there’s a wide gap between those who acknowledge the need and those who actually go forward and create such a plan. Many people just procrastinate and save it for another day. Others are intimidated to do it and have no idea how to start. 

Whatever the reason, you need to recognize the importance of making your estate plan as soon as possible so that you and your family have it when it’s really needed. The more you can learn about the options you have and the steps you can take, the smoother this process will go. 

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