While most of us would prefer to think otherwise, the simple truth is that procrastination is not a habit that disappears as we mature. Indeed, most people can just as easily find a reason for not cleaning the house or examining the household budget during their older years, as they could for not doing their homework during their younger years.
As further evidence of this reality, consider a recently released study, which determined that people of all ages are finding reasons not to execute a formal estate plan.
According to the study, compiled by the website Caring.com, as many as 58 percent of adults here in the U.S. admitted to having neither an will nor a living trust in place, while this number climbed to a shocking 64 percent among those adults with children under 18.
Breaking the numbers down further, the study found the following:
- 78 percent of people between 18-36 are lacking an estate plan
- 64 percent of people between 37-52 are lacking an estate plan
- 40 percent of people between 53-71 are lacking an estate plan
- 19 percent of people between 72 and up are lacking an estate plan
While it’s perhaps not so surprising to see such a large number of younger people — particularly those in their 20s — failing to take the time to execute a will or living trust, the same can’t really be said for those who are considered middle aged or even seniors, as they conceivably have so much more to lose.
As to why so many adults are failing when it comes to estate planning, the study identified the mistaken belief that they don’t have enough assets to make it worthwhile, as well as the inability to find the necessary time.
What these and other adults might be failing to see is that the lack of an estate plan can present a host of unforeseen complications for grieving loved ones and result in hard-earned assets being distributed in an undesirable manner.
If you would like to avoid all this, consider speaking with a skilled legal professional who can explain how the estate planning process can work for you.