People often think they can wait until they retire to make plans for their estates. However, it is very likely that people will need plans before then.
Americans generally like to drag their feet, when it comes to estate planning. They always think they can wait until they get a little bit older. Many try to put it off, as long as possible.
These Americans do not prepare estate plans, until they are about to retire or even until after they retire. That means they do not have wills. They do not have trusts. They do not have any advanced directives providing what should happen, if they become disabled.
People just assume they will not need that stuff, until they are no longer working. Everyone knows someone for whom that did not work out. We all know someone who became sick or was in an accident and either became disabled or passed away. However, people assume that it will not happen to them.
The chances are actually pretty good that it will, as the Wills, Trusts & Estates Prof Blog mentioned in “Social Security Disability and Your Clients: The Real Story.”
The chances are one out of three, that younger Americans will pass away or become disabled before reaching retirement age. The odds are simply too high for people to assume it will not happen to them. People need to have plans in place, because it is too late to plan for your estate after you pass away. It can also be too late to plan, after you become disabled.
Do not put off getting an estate plan. You might be able to wait but given the odds, the stakes are just too high to run the risk.
Reference: Wills, Trusts & Estates Prof Blog (March 8, 2018) “Social Security Disability and Your Clients: The Real Story.”