A common question that I am often asked is, “When (or at what age) should I start my estate planning? That answer is different for everyone, but the answer is, “When you have assets that need to be protected”.

As the owner of the Thornton Law Firm in Raleigh, I see so many individuals avoiding estate planning for a number of reasons.  Therefore, I wanted to share a few of the statistics and reasons why individuals are avoiding the estate planning process.

4 Statistics About Estate Planning are:

  1. Only 4 in 10 People Have a Will: In a recent survey conducted by Caring.com, only 4 in 10 American adults stated that they have a will or living trust. That leaves a whopping 60 percent of the American population that have potentially made no preparations for the end of life.  
  2. 47% State That They Are Too Busy: In a January 2018 study, over 1,000 respondents were asked why they don’t have estate planning documents in place.  47% of respondents admitted to having busy lives and they simply “hadn’t gotten around to it”. Unfortunately, life does not get less busy as we age.  
  3. 29% Don’t Feel Like They Have Key Assets: In another study, 29% of respondents think that they “don’t have enough assets to leave to anyone”.  This statement is often far from the truth, especially for parents. As most parents would agree, one of your most valuable “assets” is your children.  
  4. 42% Baby Boomers Don’t Have an Estate Plan: In the same study, 42% of baby boomers (ages 53-71) and 19% of individuals 72 years or older have not planned for their estate.  As people age, they often realize that estate planning is important, but death can occur at any age, so you shouldn’t wait to get your affairs in order.  

While setting up an estate plan seems incredibly difficult and time-consuming, that is often not the case.  At the Thornton Law Firm, we encourage estate planning no matter what stage in life you are currently in. As a father of two, I understand busy schedules, so I make it more convenient by traveling to meet with my clients wherever is convenient for them, often in the evenings or on weekends. Contact Thornton Law Firm to start your estate planning today!