Life is unpredictable by nature. Adequate preparation is critical if you want to handle whatever it may throw at you. If you want to prepare properly, then you should look into estate planning sooner rather than later. There's no denying the importance of estate planning. Even so, most Americans have yet to get started with their planning. According to CNBC, only 33% of Americans have estate plans in place. Find out why that number is so low by reading on.

Insufficient Funds

Many people hold off on getting their estate in order mainly because of their current financial status. They may find estate planning to be too expensive. They may also lack substantial assets to pass down via a trust or will. No matter your financial situation, it’s important to complete your estate planning so your assets are in order.

Assumptions That No Issues Will Arise

We all want to think that our family members will look out for each other when we pass on and that our assets will go to the right people, but that won't happen if you don’t finalize an estate plan. By stating your wishes in a will or setting up your trust in a certain way, you can clearly outline what you want for your heirs. They must honor your wishes and will get exactly what you have written.

A Lack of Knowledge Regarding Estate Planning

Schools don't have in-depth lessons about estate planning. They may touch on wills, trusts, and other relevant topics briefly, but that's it. That's a shame because the lack of knowledge is a real stumbling block for people. Some individuals may hesitate to begin settling their estate because they don't even know where to begin. If you’re struggling with that yourself, then remember that you can speak to a lawyer who specializes in estate planning. They can teach you the basics and suggest the specific arrangements that make the most sense for your situation.

Estate planning allows you to secure your family's future. Get your affairs in order now so you can protect your family from a potential financial disaster. Reach out to us today at Peacock Keller, LLP if you're looking to set plans for your estate.