Some of those who have not yet done their estate planning simply have not found a compelling reason to get started. They know that they need a plan someday, but it does not seem all that urgent or important. They resolve themselves to the idea of doing it later.
This is pretty common. Some studies have found that more than half of people in the U.S. do not have a plan yet. You may fall into that number.
If you do, think of it this way: Making an estate plan is essentially giving a gift to your heirs. It’s one of the most important things you can do for them.
After all, one of the most common reasons for estate disputes is that parents pass away without a clear plan. The children do not agree on what next steps to take and wind up disputing with one another over how things should go. This is stressful and may make it so that they’re not on good terms. An estate plan is a gift in that it helps them avoid this outcome.
It may also be a financial gift. Some people use different estate planning tactics to cut back on the tax burden and how much money the estate will lose. If you find ways to save thousands of dollars, you preserve that money for your heirs, rather than the government. The time you spend on planning literally puts more money in their pockets.
If you’ve been looking for that compelling reason to plan, just think about your family. Then consider all of the steps you need to take.