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)
