Would you believe that six out of 10 Americans have not begun estate planning? While some may find this hard to believe, others are in good company. Those without a will may find that creating one is easier than you think. Unfortunately, only four out of 10 American adults have a living trust or will in place. Even more, most people who have yet to begin estate planning are between the ages of 18 and 52. Below, you'll find more information about this from our estate lawyer in Cary NC.
Number of Individuals Without an Estate Plan | Estate Lawyer Cary NC
Thankfully, 81% of those over the age of 72 have estate planning documents in place. 58% of baby boomers also have these documents.
78% of millennials do not have a will or any type of estate planning documents in place. Millennials are aged 18 to 36. Generation X is ages 37 to 52. 64% of that generation has not created some sort of a state plan, either.
When we take a look at why people refuse to start estate planning as early as possible, the biggest answer to the question is they don't have enough time or assets to leave to beneficiaries. Others also state that they just haven't gotten around to it, but will at some point.
Unfortunately, no matter how little you own in terms of assets, an estate plan should be in place in the event of an untimely death or incapacitation. In terms of incapacitation, having a health-care power of attorney in place as part of estate planning is key. Should you need help with financial decisions and medical decisions at some point, a power of attorney can be used if they are named.
We hope this information helps you understand why it's important to make sure your end-of-life documents are in place. Planning for your future, as well as your loved ones, is something to consider. Don't make the mistake of waiting. It's never too early to create an estate plan.
Remember, if you don’t have an estate plan in place, or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office.
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