Do you think that at some day in the future you will need to pass your assets on to your heirs or other beneficiaries? Of course, the answer is yes. We are all going to pass away eventually and we need to transfer our wealth — no matter how much or how little we have — to someone else.
That means that you need to have a will and an estate plan. Every adult in the United States should do this. However, studies have found that more than 60 percent don’t have one.
Are you included in that number? Some reasons that you may have put off drafting a will include:
- You think you can do it in the future because you have plenty of time left.
- You do not think you have enough assets for them to matter.
- You do not think you need an estate plan if you’re not married or you do not have children.
These are all common myths about estate planning. No one ever really knows how long they have until they need the estate plan. Therefore, it’s important for anyone with any amount of assets to have one, and it can be helpful even if you do not have children or a spouse. In fact, you may be even more helpful in that situation because you may want to be a bit more creative about where you want your assets to go.
As you can see, it’s time to start thinking seriously about estate planning. Make sure you know what steps you need to take to get out of that 60 percent.