Recent sources indicate that well over half of American adults do not have a will or an estate plan in place.
In our 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 may or may not be 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.
People without an estate plan generally intend to get one, but 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, estate planning serves an essential emergency preparedness function. A good estate plan helps prepare us for the unknown.
The final reason that many people put off getting a proper estate plan is the expense. At Anderson & Hinze Law, we take pride in offering quality estate planning services at a price that is affordable. Please contact us to discuss your estate planning options.