In a very real sense, everyone knows that they need an estate plan. Passing away and leaving assets behind is inevitable. This suggests that estate planning would be very common and that most people would have at least the skeleton of a basic plan in place.
The reality, however, is much different.
Estate plans by the numbers
First, let’s consider some numbers. Studies all tend to find the same basic trends and back each other up. For instance, one study claimed that six out of 10 people in the United States had no will. A will is not even a complete estate plan in most cases, but 60% of people had not done the bare minimum.
That’s not a fluke. Another study even found that it was becoming less common. Between 2017 and 2020, it claimed, estate planning dropped by 25%. It was already true that most people were not getting it done, but that number is only increasing, not shrinking. How long until nine out of every 10 people don’t have a plan? At this rate, we’ll get there.
Do you have an estate plan?
If you do not have a plan, these numbers may be eye-opening. They help to show that you are not alone and that these issues are pretty widespread. They also shed light on how ill-prepared people are for the day when their family needs that plan, and this can cause a lot of issues. Many put it off to do later, but an unpredictable early passing could put their family in a tough spot.
To do what is best for your family, carefully consider the options you have. An attorney who has experience in estate planning can help you learn more.