Craig's Corner - Wealth Planning Insights

Thursday, July 20, 2017

Why Do So Many Americans Put Off Estate Planning?

Why do I need an estate plan?

The most recent Gallup Poll reveals that just 44 percent of Americans have a will that states how they would like their money and affairs handled after their death. This figure is down from previous years.  With so few Americans having an estate plan today, it begs the question, why do so many people put off estate planning? Our Nevada estate planning lawyers discuss the reasons that Americans fail to make a will and why it is so important for you to create an estate plan today.

You’re Young

Young people are the least likely to have an estate plan.  While 68 percent of those ages 65 and older have a will, just 14 percent of people under the age of 30 have a will.  If you’re young, you may believe estate planning is unnecessary.  After all, you have lots of time before you need to consider the possibility of incapacity or death.  Sadly, however, hundreds of thousands of young people die unexpectedly each year due to accidents or illnesses.  Any one over the age of 18 should make a basic estate plan that will protect your spouse, children, or parents in the event of your death.  Without a will in place, your assets may go towards family members that you would not have selected.

You Do Not Have Significant Assets

The likelihood of having a will depends heavily on a person’s socioeconomic status.  Fifty-five percent of Americans that make $75,000 or more have a will, compared with just 31 percent of those that make under $30,000 a year.  Even if you do not have significant assets, you need a will to protect your family.  In a will, you can name a proposed guardian for your minor children and direct your property to whomever you wish.  Everyone has last wishes that they should make known in a will.

You Want to Avoid Thinking About Death

Most of us are loathe to consider the topic of our own death.  For some, estate planning raises a topic with which we would rather not deal.  However, estate planning is about much more than death.  Estate planning is about your future and your legacy that will be passed down to future generations.  Focus on the positive outcomes of estate planning so that your family is protected.   

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S. Craig Stone II of Stone Law Offices, Ltd. serves clients throughout Clark County, Southern NV, Las Vegas, Henderson, Boulder City, North Las Vegas, Summerlin, Carson City, Reno, Washoe County, and Nye County. Also serving clients with asset protection nationwide.

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