Majority of Americans Do Not Have a Will

According the legal resource center, LexisNexis, approximately 55% of American adults do not have a will or other estate plan in place.  A recent survey conducted by Harris Poll puts the number even higher at 64% of American adults lacking a will.

In my experience, most people know they should have an estate plan in place.   The reasons for not having one vary.  It could be because most people don’t like to think about their own mortality.  Some may falsely believe that they don’t need an estate plan until they have more substantial assets.  Some think that estate planning can be put off until retirement.

Some justify not getting a will because they assume all their assets will pass to their partner.  While, this is usually the case for married couples, it is not so for unmarried couples.  In Colorado, your surviving partner may be burdened with the often difficult task of proving a common law marriage in order to inherit.  Even couples who are married won’t necessarily inherit the whole estate.

I am convinced that people without an estate plan intend to get one, but just haven’t gotten around to it yet.  Experience leads me to believe that for most people, creating an estate plan is just something that is easy to put off.  With the best of intentions it is easy to say to yourself that you will do it in six months, or after the first of the year or when things are not so hectic.  “After all,” many reason, “I have done fine up to this point without one.”

This type of thinking ignores the statistical reality that 100% of us will die.  Since we know that death is a 100% certainty, but don’t know when that will be, I have always thought that estate planning serves an essential emergency preparedness function. A good estate plan helps ready us for the unknown.

A final reason that many people put off getting a proper estate plan is the expensive. At The Law Offices of David S. Anderson I take pride in offering quality estate planning services at a price that is affordable.  Please contact me to discuss your estate planning options.