Have you ever heard that most people have never done their estate planning or written a will? It’s a concern that experts have expressed for quite some time, seeing as how everyone will eventually pass away and need an estate plan. That makes it feel like something that 100% of people should do, and yet the statistics have always painted a bleak picture.
Well, if you thought that this information was outdated and that people must have turned things around, the unfortunate reality is that it’s still true. Reports in 2019 show that more than half of people in the United States who are 56 years old and older have not even written a will.
It’s also important to note that a will is certainly not all you need for an estate plan. It’s a crucial piece and a good place to begin, but it’s just the beginning. You may also want to consider things like advance medical directives, trusts, powers of attorney and much more.
What does that mean for the average American? If most people don’t have a will, and it stands to reason that some people have wills without other essential documents, this means that over half of U.S. residents do not have a complete estate plan that is really going to make sure their wishes are upheld when they pass away.
You can’t change things for the entire population, but you can change them for yourself. If you have not made an estate plan yet, make sure you know about all of the legal steps you can take to prepare.