There are common statistics shared in the Estate Planning Industry and they basically reveal that most Americans are misinformed, too scared or too busy to plan their estates. So many Americans are without Estate Plans and are leaving themselves and their families unprotected. These four statistics reveal these common myths about inheritance:
1. 13% of people in the U.S. assume their spouses or children will automatically receive their assets after they die.
This particular assumption isn’t far off – but it largely depends on a few things lining up just right. It also doesn’t account for contingencies like the sad-but-all-too-common scenario of a child predeceasing the parent. A properly drawn will can account for these types of pitfalls.
2. 57% admitted that planning was not a priority.
This is perhaps the hardest hurdle to overcome. Sometimes the need change in attitude happens when a spouse or loved on passes away. Unfortunately, by then it is too late.
3. 17% assumed they don’t have enough assets to justify the expense of creating a will or living trust.
This statistic illustrates how important it is to better educate the general public about estate planning. If you have something important, or sentimental that you want to pass on to someone else, it doesn’t matter how much that item is worth – because it means something to you and the person you want to give it to. Many probate battles have been fought over heirlooms that aren’t worth much monetarily because they were priceless in the eyes of two fighting heirs!
4. 14% didn’t want to think about dying.
It’s true! Thinking about dying is not fun. However, imagine dying and leaving loved ones without support and protection. That is worse – especially since the estate planning process is so easy to navigate with professional assistance.
If you want more information about how simple it is to plan your estate, contact my office for a free consultation at 480-345-3300. #seiterlaw