In estate planning, procrastination won't serve you well

Although it may seem hard to believe, a recent survey indicates that almost two-thirds of Americans may not have a will.

When questioned, the most cited reason was simple procrastination. Some participants also admitted to putting off the task of drafting a will because they didn’t want to address the topic of death. The majority, however, seemingly understood the importance of having a will, but they stated that they hadn’t gotten around to the task.

It may be more forgivable for a teenager to be without a will. Yet procrastination was not just found among younger age groups. In the group of participants 45 to 54 years in age, researchers found that 62 percent of survey participants had not drafted wills.

In order to protect one’s investments, it is essential for every individual to engage in estate planning. A lawyer that focuses on estate planning approaches -- such as wills and trusts, asset preservation strategies, and managing estimated estate tax liabilities -- can help an individual plan for the future.

Although it may not seem difficult to memorialize in writing one’s plans for the disposition of his or her estate, the truth is that no two estates are alike. Every individual may potentially have a unique circumstance and unique desires for the disposition of his or her assets. In addition, estate planning can also address health care and long-term care concerns.

It’s been said that one should never put off until tomorrow what can be done today. There’s no good reason to delay estate planning, as no one can predict when accident, illness or other tragedy might strike. An attorney can help explain all of the available options.

Source: Forbes, “Americans’ Ostrich Approach To Estate Planning,” Richard Eisenberg, April 9, 2014