2 reasons not to procrastinate estate planning 

Did you know that the average person in the United States does not have an estate plan? Reports consistently find that the majority of people haven’t taken this critical step. They have not written a will, drafted a power of attorney, or addressed other important aspects of estate planning.

When asked why they haven’t made a plan, the top reason people give is that they simply have not done it yet. They understand its importance and intend to do it eventually, but they’re procrastinating. Here are two reasons why this can be a risky decision.

1. An unexpected passing

First and foremost, people often delay estate planning because they assume they’ll address it in their 70s or 80s. However, it’s always possible for someone to pass away unexpectedly. If this happens before they’ve created an estate plan, their family will be left with no guidance. In such cases, the state may make decisions about asset distribution, which could go against the deceased person’s wishes. Procrastination is essentially a gamble that can have serious consequences.

2. Increased odds of disputes

Secondly, disputes among family members are more likely when there isn’t an estate plan in place. Relatives may disagree about what type of life-saving medical care their loved one would have wanted or how to handle valuable assets and family heirlooms. Without clear instructions from an estate plan, these disagreements can escalate, sometimes leading to disputes that fracture relationships permanently.

These are just a few reasons why creating an estate plan early is so important. Be sure you understand the necessary legal steps to take to be sure your wishes are properly documented.