A misconception among many Americans is that only wealthy individuals require estate planning. This can lead to a number of issues should anything happen, such as unnecessary costs and fees and an extra added burden on families.
Estate planning involves planning for the estate transfer after death and can include a will or a living trust. The main benefit is that it ensures everything is handled in an effective manner without interruption or the need to involve a court. In light of new 2019 survey findings however, over half (57%) of Americans do not have either in place.
76 per cent of American adults say having a will is important
Key findings reveal that while as many as 76 per cent of Americans aged between 18 to over 65 years old consider having a will is important, only as little as 40 per cent have actually had one put in place.
As expected, respondents aged 65 or older are the ones who have their affairs sorted. However, the percentage decreases significantly when it comes to younger generations to as many as 79 per cent of respondents between 18 and 34 years old in spite of the fact they are aware of the importance of having a will or a living trust.
When it comes to the reasons for not planning their estate, among all age groups the main reasons cited were that they have not gotten around to it (54%), they feel they do not have anything to leave behind to their loved ones (23%), or they find it too expensive or don’t know how to do it (both at 6.5%).
Putting an estate plan in place
Georgia-based attorney Donald Hawbaker comments on findings, “While initiating an estate plan can be intimidating and confusing for a number of reasons, I can’t stress enough how important it is. And contrary to popular belief, estate planning doesn’t always have to be about finances. Imagine For instance, without one, there is no clear guidance whatsoever about what should happen to children and who should make decisions in the situation of an incapacitated parent. Regardless of age and health status, anyone who cares about their family and in some cases even what happens to them in specific medical circumstances, having these affairs in order can answer many valuable questions.”
Attorney Donald Hawbaker specializes in a wide range of legal practice areas and anyone from across Georgia interested in finding out more can schedule a free initial consultation.
About Donald Hawbaker
With a track record of success, attorney Donald Hawbaker has a deep passion for comprehensive representation regardless of case or legal practice area. Covering everything from elder law and estate planning to business and corporate issues or Medicaid protection trust, he has been serving Americans from across Georgia for a number of years.