Successful professionals and those with family obligations often recognize that estate planning is important for them and their families. Some people take for granted that their loved ones can immediately inherit their property if they die.
Inaccurate assumptions about intestate succession and finding the estate planning process unpleasant can inspire otherwise responsible adults to put off this crucial process. Many people who have excellent careers, steady income and dependent family members do not have a written estate plan yet. Some of those people may die without ever establishing documents to protect themselves, their loved ones and their legacy.
More people than not avoid estate planning
According to a survey from 2022, a noticeable majority of adults in the United States lack formal estate plans. A shocking 67% of adults have no will, let alone a comprehensive estate plan to protect them and their loved ones in the event of an emergency or their sudden passing.
When adults die without an estate plan, state law determines what happens with their property. Spouses, children and parents have the strongest protection under intestate succession laws. Those who have not married their romantic partners or who want to leave resources for their grandchildren may find that the rules that apply when people die without wills do not align with their wishes.
Even those who may be vaguely familiar with the rules that govern the distribution of property when someone dies without a will may continue to procrastinate because they are relatively young and healthy. The reality is that no one knows when they might die or experience an incapacitating emergency.
An estate plan is a crucial form of protection for the closest people to an individual. Estate planning documents can also help protect the testator from financial hardship or inappropriate medical treatment in scenarios where they become incapacitated and cannot manage their own affairs. There is no shame in acknowledging that it is time to create an estate plan after years of procrastination.
People who establish estate plans can derive peace of mind from knowing they can protect themselves and their loved ones regardless of what happens. Drafting wills and other estate planning documents, and then keeping them updated as personal circumstances change, is ultimately wise, even though it isn’t always easy to make oneself begin.