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.

Continue reading "65 % of Americans Do Not Have a Will" »

Sandra Block has published an article on USA Today, regarding five common misconceptions about last wills. She rebuts the following myths:

• Estate planning is only for rich people
• If I die without a will, my spouse will inherit everything
• Having a simple will avoids probate
• After I create my will or living trust, I'm all set
• I could be held responsible for a deceased parent's debts

If you would agree to one of the aforementioned statements, it is probably a good idea to read her article. Anyway, if you're interested in estate planning in general you may also consult our firm's learning center.