Have most people already written a will?

You may be thinking about writing a will this year. You know that it is time to get an estate plan in place, and a will is the first step that you want to take. You can then add other documents like powers of attorney or other advance directives.

But as you begin this process, you may find yourself assuming that most people have already done it. Is that actually true? Is it more common to have an estate plan or not?

Most Americans have not written one yet

What studies tend to find is that most people actually do not have an estate plan or a will on file.

Often, these people will simply be waiting until they are older or putting it off for various reasons. It is not that they refuse to make an estate plan or will never do so. They just have not gotten around to it yet.

There are many different reasons that people cite. Some believe they need to be older to make an estate plan, while others believe they need to accumulate more assets. Still others want to begin the estate planning process but do not know what documentation they need.

The reality is that it is typically best to make an estate plan early, so you cannot be too young to draft a plan (although you must be at least 18). You do not need to wait until you have more assets, as you can always update the plan as you accumulate more wealth. You can make updates at key times in your life, such as when you get married, if you get a serious medical diagnosis, or if you accumulate a substantial amount of assets – like being given an inheritance from your parents.

Drafting your plan

Procrastinating on estate planning is common, but it is also relatively risky because you never know exactly what the future holds. If you would like to draft a will this year, be sure you know what legal steps to take to get the process underway.