According to an Article on Forbes.com (see here) a recent survey showed alarming numbers when it comes to estate planning.
Roughly 65 % of 1,022 Adults asked do not have a will, that directs who inherits their assets in the worst case. 71 % lack an advance health care directive (living will), a legal instrument that is designed to direct critical health decisions if someone looses the mental capacity to decide on his own. No numbers were mentioned regarding the existence of a durable power of attorney but it can easily be assumed, that the results would have been similar terrifying.
Conductors of the survey also asked for the reasons, why people would not plan. Many individuals mentioned that estate planning were not their prime focus, especially in midst of recession. And 19 % thought, that estate planning was only important to the rich. These reasons are popular misconceptions of estate planning, which I have already highlighted (among others) in a post last year (see here).
I cannot stress enough that nearly all aspects of estate planning are of paramount importance to most people, even to those who struggle to cope with daily life. Information about estate planning are available for free, e.g. in our firm's learning center. If you're reading this post and you have not yet started your estate plan, it is time to do it now.
If you have any questions with regard to estate planning please contact our office at 1-800-303-2964. I am located at 1990 North California Blvd., Walnut Creek, California 94596. I have additional offices in Fairfield, Oakland, and Sacramento. I offer free initial consultations. For further reference see my website (www.rinnelaw.com).
