Are you Uninformed About Estate Planning?
By Alex Carr
By Alex Carr
Do you have a plan in place if you can’t make health and financial decisions for yourself? What about a plan to protect your loved ones in the event you become injured or die? If you don’t, you’re not alone. Many Americans don’t have proper estate plans in place.
It is absolutely necessary that everyone has the conversation and gets a plan in place. According to a study from the Boston College Center on Wealth and Philanthropy, an estimated $59 trillion in wealth will be transferred from 93.6 million American estates between 2007 and 2061. Yet less than half of American adults have a proper plan in place.
Many people don’t know what they actually need. They mistakenly think their spouse or loved one can simply “step in” and make health and financial decisions on their behalf. Another misconception is that a simple will is enough to properly transfer assets upon death and take care of loved ones. That’s not normally the case. Others think they don’t need to do anything at all because they aren’t “wealthy”. Additionally only 30 percent of those with a plan bother to update it to reflect changes in their lives (and the law). It’s why at AlerStallings, all our planning includes annual reviews!
Estate planning is not only for the wealthy – it is for everyone. A proper plan that stays updated as your life evolves will not only protect you, but also your loved ones. Don’t leave your loved ones with a burdensome mess. Take time to sit down with an experienced elder law attorney and have the conversation. At AlerStallings we believe knowledge is power. If you haven’t started the conversation yet or would like to see if the tools you have in place are enough, please contact an attorney at AlerStallings.