There can be a lot of unfounded fears that surround Estate Planning. One that comes up sometimes is that “if you plan for it, then it will happen.”

I can assure you that’s not the case. In fact, “failing to plan is planning to fail” is a much better mantra when it comes to this type of thing.

There are many of these types of myths. Here are several more reasons from about why people don’t have an Estate Plan:

Remember, 77% of Americans believe Estate Planning is important, regardless of wealth. They are just busy with day-to-day life and haven’t taken the time to think about their future.

Don’t let simple negligence impact your loved ones! Break the generational failures and set an example of planning for the future health and wealth of your family.

Estate Planning doesn’t have to be all or nothing. You can create the initial components right away and add on as you accumulate more assets.

In general, most people start planning for the future as they age and accumulate knowledge and wealth.

By Age
A Gallup survey conducted in 2016 shows how many people have a Will by age range:

By Education
That same Gallup survey also shows the number of people who have a Will based on their level of education:

By Income
This Gallup survey also shows those who have a Will based on household income:

This is ultimately based on you and what you value. However, there are several reasons why people create Estate Plans in general. 

Here are some examples from an Age Wave/Merrill study:

Here are a few more reasons people talk about:

It can take anywhere from a few months to more than a year (or even years) to probate a will. Estate Planning can prevent this. (LegalZoom)