If there’s one thing you’re likely to ignore or at least procrastinate about, it’s estate planning. The realities behind who makes an estate plan and who doesn’t are rather stark once you look at the statistics behind it all. While it’s common to shy away from topics that relate to your own mortality, that doesn’t make the reality of the situation any easier when you’re faced with a time when you need an estate plan and don’t have one.
According to a recent study, people with a net worth of between $100,000 and $1 million do not see estate planning as a high-priority matter. About a third of these people do not believe they need estate planning advice, while another third say they have time to seek estate planning advice some time down the road.
The numbers are even higher for younger people. About 38 percent of those under the age of 44 say that they don’t need any estate planning advice at all, while only 42 percent say they plan on seeking out estate planning advice in the future. About 10 percent of the population under the age of 44 say that they’ve received any estate planning advice at all.
However, only about 25 percent of those over the age of 65 have received estate planning from a primary advisor, and only about 16 percent say they will seek the advice in the future.