10 Estate Planning Statistics
Most people go through life without ever making an estate plan. In today's video are the top 10 statistics that might convince you that Estate Planning is not just a luxury but something you need to do.
One in five Americans die without a will or estate plan in place.
Most people think it is just for the rich and wealthy because of all the fancy trusts and wills involved. The truth is everyone needs an estate plan
Make an Estate Plan
You can plan ahead with simple documents such as a durable power of attorney and living. These will give direction on what to do if medical conditions arise.
This will save you an immense amount of stress on your family and loved ones during a very emotional state.
63% of individuals 65 or older say they do not have an estate plan
Failure to Plan
The number 1 reason people fail to put together an estate plan is that it just seems like too much work. The truth is that if done correctly, it should only take a few hours per year to maintain your entire estate plan.
Change the beneficiary on an insurance policy or make minor changes to trust documents.
Don't let lack of time stop you from protecting your family's future.
Failing to plan will usually result in your heirs having to probate your estate which can be costly especially when fighting with siblings over who gets what.
If you have minor children it is even more important to have a will. This allows their inheritance must be protected by law under your state's Uniform Transfers to Minors Act.
The number one cause of family stress, disputes, and fighting is the lack of an estate plan
We've all seen those custody battles on TV where siblings or other relatives are fighting over who gets what from a parent's estate. This occurs because there isn't a plan in place which decides everything ahead of time-based on parameters set forth by the creator, known as a testator.
Two-thirds of Americans state that they would prefer not to have to deal with going through probate if given the choice.
Probate Takes Too Long
Probate can take anywhere from 3 months to 2 years depending on the ability of your executor who will need to file forms, show receipts, and keep track of all payments made.
Of the top 5 regrets, people die with, not planning out their estate was number 1.
Looking back over life it becomes very clear what the most important things are which should be taken care of before death occurs.
Carrying out an estate plan can help ease stress among loved ones because all wishes are clearly laid out for them. It can also reduce conflict by putting an end to certain family feuds, especially when it comes to how assets will be distributed.
Meeting with an estate planning attorney is the important first step you need to take because they have experience with writing up these types of documents and work with your best interest in mind throughout the whole process.
The next step would be to look at all options available which include revocable trusts, living wills, life insurance beneficiary designations, and durable powers of attorney just to name a few. Download our Free Estate Planning Guide.
The biggest mistake most people make is waiting too long before having this done. Although you may not feel that you are wealthy enough or if nothing has happened then why do I need one?
An Estate Plan Will Feel Good
Trust me once you have a plan in place you will sleep better each night knowing that if the unexpected does happen, everything is going to be okay.
Please remember that even though this gives a lot of tips and suggestions they are only guidelines and every case is different.
This article should not be taken as legal advice or opinion because it is impossible to cover all of the requirements which apply from state to state since laws vary so much from one place to another.
Please consult with someone who specializes in this area before drawing up your plans.
The 10 estate planning statistics that really hit home are just what most people need to help them understand why this important step needs to be taken.
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