Why don’t you have an estate plan?

If you haven’t written an estate plan, rest assured that you’re not the only one. This is the norm in the United States, where two-thirds of all Americans don’t have a plan.

That being said, it is very risky not to have an estate plan in place. It leaves your family without legal guidance concerning your future medical decisions, for example, and it can increase the odds that there will be an estate dispute over your assets. Below are three reasons people cite when asked why they don’t have a plan yet.

They will make it in the future

First and foremost, many people are just waiting until they’re older to make an estate plan. The risk here is that they could pass away unexpectedly – in a car accident, for instance – before they get around to drafting the plan.

They don’t know where to begin

Others are well aware that an estate plan is necessary and they would like to draft one, but they don’t know what official paperwork they need or where to file it. In many cases, it’s easy to make an effective plan once you know the steps to take to get the process underway.

They are only thinking about financial assets

Finally, some put off estate planning until they have more assets, or they don’t believe that they’re wealthy enough for an estate plan to be beneficial. But it’s not just about assets. Estate planning can also set up a guardianship for a minor child or a medical power of attorney, for example.

You can see why an estate plan is so important, so be sure you know what legal steps to take to get yours in place.