A new survey discovers what Americans believe about estate planning and what they are wrong about.
Roughly half of Americans are wrong. No, that is not about politics and the roughly half of Americans who are on the other side of the aisle as you.
It is about estate planning.
A survey conducted by WealthCounsel revealed that roughly half of Americans believe estate planning is only for the wealthy and almost the same number of people believe they do not have enough wealth to plan for their estates.
These findings were reported by Wills, Trusts & Estates Prof Blog in "Survey Reveals Helpful Insights for the Future of Estate Planning."
Estate planning is not just for the wealthy.
Families can benefit from estate planning regardless the amount of assets they have. It is even beneficial to have an estate plan when you do not have any assets other than personal property.
The estate plan can be used to make sure the people who do get your personal property after you pass away are the people you wish to have it. But, an estate plan is about much more than property.
Estate planning is used to determine who will care for your minor children if something happens to you. It is also used to make important decisions in advance about the care you will receive at the end of your life and who will speak on your behalf when you are unable to do so.
Do not let a lack of (perceived) wealth stop you from estate planning. No matter how much money you have, having an estate plan will make things easier for you and your family.
A qualified estate planning attorney should be consulted to educate you on your options.
Reference: Wills, Trusts & Estates Prof Blog (Oct. 21, 2016) "Survey Reveals Helpful Insights for the Future of Estate Planning."