Only 42% of adults in the United States have a will or living trust according to a 2017 survey by caring.com. For parents of minor children, only 36% have a plan in place. Why are more than ½ of U.S. adults not planning for an inevitable life event? The survey gathered the following reasons from 1,003 adults.
47% haven’t gotten around to planning yet
29% don’t believe they have enough assets to justify planning
7% are not sure who should inherit their assets
4% believe it is too expensive to do planning
4% didn’t know how to get a plan in place
9% gave other reasons for not planning
While it is not enjoyable to plan for death, an estate plan is meant to ensure the transfer of your assets upon your death while taking the unique circumstances of your family into consideration. It also eases the burden on the ones you leave behind to handle the financial details relating to your passing. I have seen how careful planning can save time, money, and unnecessary stress for families. So, if you don’t have an estate plan there is no better time to get one and if you already have a plan then proper maintenance and review of it is necessary.
National Estate Planning Awareness Week was sanctioned in 2008 to encourage people to understand the what, why, and how of estate planning. You are always welcome to call me and discuss the barriers you face to create a plan or whether you should update your existing plan.