You'd be surprised to know how many Americans don't have a will. Various surveys show that about 40 percent of Americans age 55 and over don't have a will or trust. The obvious question is WHY? Why are people avoiding estate planning? Let's take a look at the worst reasons for their delays: #1 – Estate planning is for the wealthy! I do not own much, can't we put off planning until I can afford it? This is a common misconception about estate planning – NO, estate planning is not just for the wealthy. And no, you should not put off planning. Giving legal authority to your assets to a person of your choice is critical. For instance, it's very important if you have children, and you become incapacitated following an accident. If you don't have a will or trust, your children may become wards of the court or may be delivered to a family member you don't like or agree with. There's another disadvantage – a will may cost you less now than it will cost you