End of life planning is not fun. The topic has been viewed scaring for the last couple of years. It is not only depressing but also morose. Business experts have claimed that this topic is a critical aspect of managing assets. Do you know that it is a reliable way to protect your family? That is the main reason why 60% of Americans are unprepared for the unavoidable situation.
Previous reliable researches have proved that about 50% of American adults have estate planning documents such as will and trusts. When it comes to parents with kids below 18 years, the figure is even lower. From my observations, there is no doubt that Americans avoid setting up a will simply because they don’t want to think about their death. When you have a will, you will have taken care of your loved ones financially. They will never face emotional stress associated with being broke.
Only 53% of the survey respondents have gotten the will around. The figure is not a big surprise to experts. End life of life planning is just mere procrastination. This means that many people don’t take it seriously. You can agree with me that no one thinks they will live forever. Some of us still think that we are going to live till our 90s. In fact, that is the reason why we don’t think that we need a will right now.
It is good to know that this is not the real case. Everyone has an expiration date. Also, we are not sure exactly when it will be. With that in mind, the best thing you can do for your loved ones is to have will now. You will never regret having that will.
Many people believe that older Americans have the greatest estate plans. Most of the older generations have a will or living trust. However, the number of people with wills declines with age. What is the main problem behind this? Younger people are not concerned about their mortality.
They don’t think that a will is relevant until they are in their late 80s. From many people attestations, they don’t think that something bad will ever happen to them. In case it happens to them, their lovely parents might step in for help. In such situations, parents are termed as the greatest burden that hinders young people from thinking about the future.
You might be aware that wills are mostly associated with the passing of a grandparent. When you were 18 years, you used to think about the whole life in front of you. What would happen if you died today? Planning for a tragedy is not an admirable process. You will be required to answer some of the toughest questions when making a will. Why do younger Americans fail to write wills and trust? They have fewer assets when compared to their older counterparts.
