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Why do most Americans avoid estate planning?

by | Apr 18, 2022 | Estate Planning

The pandemic has increased the awareness of many Nevada residents for having certain types of legal and financial plans in place. Through estate planning, one can have a measure of control over what happens to his or her property and with potential medical decisions in the future. Despite a growing awareness of the importance of long-term planning, a study finds that the majority of Americans actually do not have an estate plan in place.

Reasons for delaying

A lack of understanding may be largely to blame for why many Americans do not make estate planning a priority. People often assume they don’t need an estate plan because they are not wealthy or do not have valuable assets to pass to their loved ones. Regardless of one’s income level, the amount of wealth one has, the value of the estate or a person’s age, estate planning is a beneficial process.

Only 33% of Americans have an estate plan. Passing away without a will or other estate planning documents could mean that the court will decide on the settlement of the deceased’s estate. This could leave heirs and beneficiaries in a difficult position as they may not have any control over what happens to their loved one’s money and property.

An act of love

Estate planning is a way for one to show care and concern for loved ones. Nevada adults who do not have an estate plan would be wise not to delay this process any longer. If unsure of where to begin, it may help to seek an assessment from an experienced legal professional.