Will, or Will Not?
Over 72 percent of Americans lack a valid will.
Of this group, most have never even created an estate plan or made plans for their legacy. Others have old wills that have not been updated to account for family births or deaths; divorces; stepchildren; ex-spouses; business partnerships; the sale of real estate; income changes, etc.
Estate planning is creating a clear, comprehensive plan for the transfer of your assets, after your death, to the people or organizations you love.
Assets include real estate, vehicles, personal property; brokerage, bank, insurance and retirement accounts; business interests, and more. Whether you are married with children or single with no dependents, a trust and will ensures that you, not the state, get to choose what happens to your assets.
- Estate planning also includes instructions for your own care should you become incapacitated. That means the creation of a living will/ advance health care directive.
- 18% of people don’t even know what an advanced heath care directive is!¹
- 18% of people don’t even know what an advanced heath care directive is!¹
- Familial conflicts
- 35% of adults in the U.S. say themselves or someone they know experienced familial conflict because an estate plan or will was not put in place.²
- 35% of adults in the U.S. say themselves or someone they know experienced familial conflict because an estate plan or will was not put in place.²
- Dying intestate (without a will) often extends the probate process.
- Probate expenses can cost up to 10% of an estate under the best of circumstances and can take from a few months to several years.³
- Famous People Who Died Without a Will. You’re in for a surprise.
- Parents should definitely have an estate plan to determine who would care for their children if the unthinkable happens. Otherwise, the state will decide on a guardian.
- 34% of people started estate planning due to the birth of a child.°
- 52% of Americans 55 and over say dying without an estate plan would be “irresponsible,” 22% say it would be “inconsiderate,” and 14% say it would be “ignorant.”°°
- Include a guardian for your donors’ furry friends.
- 77% of pet owners designate a guardian for Fido or Fifi.°
- 77% of pet owners designate a guardian for Fido or Fifi.°
- The Great Wealth Transfer is here.
- Over the next 30 years we will see American retirees pass more than $36 trillion on to their families, friends, nonprofits, and additional beneficiaries.†
- Over the next 30 years we will see American retirees pass more than $36 trillion on to their families, friends, nonprofits, and additional beneficiaries.†
- When you create an estate plan, you need to communicate with whomever you would like to be the executor, so they’re not handed a surprise at your passing.
- Only 46% of will executors were even aware of their role in a will!†
- Only 46% of will executors were even aware of their role in a will!†
- Estate planning documents must be kept in a secure but easily accessible place, and your family should know where that is.
- Over 52% of people don’t know where mom and dad stored their estate planning documents.¹
This content is from Wills and Estate Planning Facts, created by PlannedGiving.com