We've covered estate-planning statistics in previous blogs, so it's probably no surprise to our readers that over half of all adult Americans don't have a will. Common estate-planning misunderstandings are one reason this is the case, and even once you get around to planning, you might make more common errors that can lead to financial loss or extra work and worry in the future.
One common error is simply not thinking that you need a will or other estate planning document. Some people think that wills are for the wealthy, but in reality wills can help anyone protect assets and legacies. Even if you have nothing you think should be passed on to your heirs right now, if you have minor children estate planning is critical to stating your wishes about their care should something happen to you.