Category: General

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:

  • To be a good parent & spouse
    71% of American adults say that having an estate plan would make them feel like a good spouse or parent.
  • To be responsible & considerate
    52% of Americans over 55 believe passing away without an estate plan or other end-of-life plan would be “irresponsible." Meanwhile, 22% say it would be “inconsiderate," and 14% say it would be “ignorant."
  • Because it’s the right thing to do
    47% of Americans over 55 leave an inheritance because they believe it's the right thing to do.
  • To cover costs
    42% do so to cover their funeral and end-of-life expenses.
  • Because it’s the parent’s duty
    39% of men and 30% of women over 55 in America believe it's the duty of parents to leave their children an inheritance.
  • To provide security
    38% do so to give their family a sense of security.
  • To avoid drama
    35% of American adults say they have personally experienced family conflict or know someone who has experienced family conflict as a result of not having an estate plan or will in place. (WealthCounsel)
  • To get peace of mind
    32% do so to give themselves the peace of mind knowing that their family is taken care of.
  • To leave a memory
    23% do so to give their family something to remember them by.

Here are a few more reasons people talk about:

  • To ease the burden
    This was often cited as one of the top benefits of estate planning and other end-of-life planning. (Age Wave/Merrill)
  • To avoid probate
    • The probate process can cost up to 10% of an estate. Detailed Estate Plans can reduce the likelihood of a long, expensive probate process. (LegalZoom)

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)