Estate planning is something that people often neglect and put off until it is too late. When that happens, their family can be left without a clear indication of what to do with their estate. This is a common mistake — not because people don’t know they need an estate plan, but because they just think they have more time to get it in place. In other cases, they simply say that they do not know how to begin.
This has been true for years, but recent studies have shown that it’s becoming an even bigger problem than it used to be. For instance, one study by YouGov asked people if they had a will in 2017. Just 42% of them said that they did. When the same question was posed in 2020, the number of people who had a will was a mere 32%.
This could mean that we are fast moving toward a point in time where the vast majority of families do not know what to expect when a loved one dies. That’s a problem because we already know that we’re moving toward an unprecedented transfer of wealth from the Baby Boomers’ generation to their children. The combination of unparalleled wealth and more and more people without a plan for what will happen to that wealth raises all sorts of red flags.
If you’re thinking about putting an estate plan in place, the main key is to learn how to get started. An experienced estate planning attorney can help you develop a plan that’s right for you and your family.