Half of All Americans Are Making This Estate Planning Mistake: Are You?
published 4/3/2024
Far too many Americans believe that estate planning is simply not necessary for them. According to a research study put together by WealthCounsel, 47% of Americans believe that estate planning is only for the extremely wealthy. Approximately half of the American population believes that their assets are not enough to worry about using any estate planning tools, including a will. Furthermore, 46% of people in the United States believe that putting together a trust, which is often a key component of many estate plans, is something that only a wealthy individual should consider.
This perception can do significant damage for you and your beneficiaries. Without proper estate planning, you may not be able to accomplish your goals and may make things more confusing and frustrating for your loved ones down the road. Of those individuals who do not have a will or a trust, 37% stated that they had not even discussed estate planning with their family members because there aren’t enough assets to worry about.
Everyone can benefit from estate planning, whether it’s putting together a will or using documents to plan ahead for your health care decisions if something were to happen to you. Doing this work now can give you a great deal of peace of mind that should something happen to you, your wishes will be carried out. An Ohio estate planning lawyer can help you with your goals.