If asked, most people agree that estate planning is not just beneficial, but necessary. Yet many go through life without the peace and long-term security a sound estate plan can provide.
Sometimes, looking at an issue from a broader perspective can be a catalyst for taking action. The statistical information below highlights the importance of seeking legal guidance in establishing or updating your estate plan.
Numbers that highlight the issue
Understanding the numbers behind estate planning can underscore its importance and reveal how many people are leaving their futures to chance.
- Approximately 60% of American adults don’t have a will or any type of estate planning document.
- 72% of African American adults and 55% of Hispanic American adults also lack estate planning documents.
- Only 33% of people ages 18 to 34 have a will, despite the importance of planning for unexpected events.
- 71% of adults say creating an estate plan would make them feel like a good parent or partner, yet they still put off this crucial task.
Unfortunately, dying without a proper plan means your assets may be distributed according to state laws rather than your wishes.
Get started with these critical tools
Consider at least creating a few fundamental estate planning tools to protect your assets and loved ones.
- A will allows you to specify how your assets are distributed after your passing.
- Trusts provide greater control over your assets both during your lifetime and after.
- Power of attorney documents allow a trusted individual to make financial and/or medical decisions for you if you become incapacitated.
These basics can help to secure your family’s future. The peace of mind you experience can encourage you to build on your estate plan as your life and circumstances evolve.