Estate Planning and The "I'll Do It Later" Problem

Estate planning may not be at the top of everyone's to-do list, but it is essential to protect your assets and loved ones. Surprisingly, AARP found that while 93% of adults aged 50+ believe it’s important to plan for who will receive their assets when they pass away, only 51% actually have a will in place. The most common reason? 61% say they simply haven’t gotten around to it.

So, why do so many people agree that estate planning is crucial, yet fail to take action? And what can be done to bridge this gap?

The “I’ll Do It Later” Problem

Life is busy, and estate planning often feels like something that can wait for another day. For most people, creating a will or managing their estate can feel overwhelming, time-consuming, and overly complicated. That feeling of “I’ll do it later” becomes more common, leading to delays and procrastination.

But here's the reality: delaying estate planning leaves families vulnerable. Without a will, loved ones can face long, costly legal processes, like probate, and even family disputes over assets and responsibilities. This isn't just about protecting your financial assets—it's about securing your wishes for everything, from healthcare directives to who takes care of your pets.

Why Is Estate Planning So Important?

Estate planning isn’t just for the wealthy—it’s for anyone who has assets they want to protect. That could mean a home, personal savings, digital accounts, or even sentimental items like family heirlooms, photos or videos. More than just financial protection, estate planning is about making sure your wishes are carried out after you're gone.

Without a will: - The state may decide how your assets are divided, which may not align with your wishes. - Your loved ones may face lengthy legal battles to determine guardianship of minor children. - Digital assets, like photos, bank accounts, social media accounts or cryptocurrency, could become inaccessible.

Why the Traditional Approach Doesn’t Work for Everyone

Historically, estate planning has been seen as something only necessary for older generations or those with significant wealth. On top of that, the process has often been complicated, involving legal jargon, stacks of paperwork, and hefty legal fees.

For 61% of adults the simple fact that they haven’t gotten around to it suggests that the traditional model of estate planning no longer works for modern life. People need a solution that is quick, straightforward, and accessible.

Making Estate Planning Accessible for All

The good news is that estate planning doesn’t have to be complicated or expensive anymore. Companies like GoodTrust are changing the landscape by offering digital estate planning tools that make the process simple, accessible and affordable for everyone. By using technology, estate planning can be as easy as filling out an online form and securing your assets digitally.

With digital estate planning, you can: - Create a legally binding will, trust or directives in minutes. - Add a digital vault to protect passwords, social media accounts, and important files. - Set up healthcare directives to ensure your medical wishes are honored. - Protect pets with a Pet Directive, ensuring they’re cared for after you’re gone. - Easily update your estate plan as life changes, like marriages, children, or new assets.

The Future of Estate Planning is Digital

With so many people putting off estate planning, it’s clear that a new approach is needed. Digital estate planning is the solution that bridges the gap—making it simple, affordable, and accessible to everyone. Whether it’s protecting your family, your assets, or your legacy, now is the time to take action.

Don’t wait for the perfect moment—your future is worth securing today.

For more information on how to get started with your digital estate plan, visit https://www.mygoodtrust.com and take the first step toward peace of mind.