Procrastination is part of human nature. People choose to delay activities and responsibilities that require a lot of time or energy. They avoid obligations that seem expensive or uncomfortable. For many people, estate planning is synonymous with thinking about death, which they find unpleasant. They know they should create an estate plan, but there are always fresh excuses about why they should wait.
People often overestimate how much time and money it takes to establish an estate plan. They may simultaneously underestimate how vulnerable they and their loved ones actually are without an estate plan. Although discussions about estate planning are somewhat common and people recognize the importance of drafting a will and other documents, quite a few adults put the process off for as long as they can.
Some people never get around to creating an estate plan at all. How common is it for people to avoid estate planning despite not having any documents in place?
The majority of adults have no estate plan
According to research, a significant majority of adults have not taken the initiative to establish a will or other estate planning documents. Only 32% of adults have a will. The other 68% lack any meaningful estate planning protections.
Over two-thirds of the adults in the United States have no documents in place to protect themselves should they experience a medical emergency. They haven’t made plans for their loved ones in case they die unexpectedly. Given that no one knows when they might fall ill or experience an emergency, estate planning early in life is often the best option.
While state law does provide guidance regarding the descent of property when someone passes without an estate plan, the rules for intestate succession may not align with an individual’s priorities or wishes. Establishing a will or other estate planning documents allows the testator to choose their beneficiaries and leave specific assets for them to inherit. They can also enjoy the peace of mind that comes from knowing there are protections in place for their family members and other loved ones.
While a majority of Americans may delay estate planning, that is usually not a responsible choice to make. Taking the initiative to draft a will can be one of the best decisions a person can make.
