Click me
Transcribed

Why People Avoid Estate Planning

Why People Avoid Estate Planning Estate planning is often overlooked during personal financial management. Elements of an Estate Plan A Will: A Trust: You decide how assets will be distributed after your death A Living Will or Health-care Proxy (Medical Power of Attorney) Assignment of power of attorney • Dying intestate (without a will) is costly and gives the state power over your assets • Lower estate and gift taxes • Some protection from creditors and lawsuits. • Bypasses the cost, delay, and publicity of probate court. • You still need a will to cover holdings outside the trust. Estate Planning Stats will 43% 95% trust of Americans are concerned with protecting their financial assets. want their property transferred to the person they choose But only 35% have a will; 21% have a trust. 41% 50% 40% of Baby Boomers (age 55-64) don't have a will. of households with of Americans have a living children do not have a will. will/medical directive. If you are of the 95% of people that want your property transferred to a person of your choice, call an estate planning attorney. 18% Among Americans with no estate plan, only 18% believe it is unnecessary. Only 1 in 10 Americans believe having a will isn't important due to longer, healthier lives. of Americans Take the time to meet with an estate planning attorney to appoint a guardian for your child! with minors 75% will leave guardianship to the court. of those without an Only 39% have estate planning estate plan believe their spouse/children will automatically receive their assets. 39% 13% documents. Of those with no estate plan, 1/5 say the process is too complicated. II 17% claim they do not have enough assets for an estate plan. 9% do not want to think about dying or becoming incapacitated. 8% believe their estate will be taken cared of appropriately. 7% do not know what an estate plan is. $20,000 = probate fee for an estate valued at $400,000 • Typically a home, car, and savings • Probate can cost up to 10-15% of the estate's value. Creating an estate plan could save you thousands of dollars! Sources: http://councils.naepc.org/National/Library/2_1%20NEPAW%20PRESS%20RELEASE%20-091011v.pdf http://money.cnn.com/magazines/moneymag/money101/lesson21/index.htm http://press-room.lawyers.com/2010-Will-Survey-Press-Release.html http://www.scribd.com/ http://finance.yahoo.com/blogs/the-exchange/half-americans-set-die-without-193140015.html http://www.azcourts.gov/Portals/83/pdf/ProbateFeesStatebystate.pdf http://www.inheritancefunding.com/arizona-probate/ DANA LAW FRM ESTATE PLANNING, ESTATE LITIGATION & PROBATE SERVING ARIZONA SINCE 1984 Why People Avoid Estate Planning Estate planning is often overlooked during personal financial management. Elements of an Estate Plan A Will: A Trust: You decide how assets will be distributed after your death A Living Will or Health-care Proxy (Medical Power of Attorney) Assignment of power of attorney • Dying intestate (without a will) is costly and gives the state power over your assets • Lower estate and gift taxes • Some protection from creditors and lawsuits. • Bypasses the cost, delay, and publicity of probate court. • You still need a will to cover holdings outside the trust. Estate Planning Stats will 43% 95% trust of Americans are concerned with protecting their financial assets. want their property transferred to the person they choose But only 35% have a will; 21% have a trust. 41% 50% 40% of Baby Boomers (age 55-64) don't have a will. of households with of Americans have a living children do not have a will. will/medical directive. If you are of the 95% of people that want your property transferred to a person of your choice, call an estate planning attorney. 18% Among Americans with no estate plan, only 18% believe it is unnecessary. Only 1 in 10 Americans believe having a will isn't important due to longer, healthier lives. of Americans Take the time to meet with an estate planning attorney to appoint a guardian for your child! with minors 75% will leave guardianship to the court. of those without an Only 39% have estate planning estate plan believe their spouse/children will automatically receive their assets. 39% 13% documents. Of those with no estate plan, 1/5 say the process is too complicated. II 17% claim they do not have enough assets for an estate plan. 9% do not want to think about dying or becoming incapacitated. 8% believe their estate will be taken cared of appropriately. 7% do not know what an estate plan is. $20,000 = probate fee for an estate valued at $400,000 • Typically a home, car, and savings • Probate can cost up to 10-15% of the estate's value. Creating an estate plan could save you thousands of dollars! Sources: http://councils.naepc.org/National/Library/2_1%20NEPAW%20PRESS%20RELEASE%20-091011v.pdf http://money.cnn.com/magazines/moneymag/money101/lesson21/index.htm http://press-room.lawyers.com/2010-Will-Survey-Press-Release.html http://www.scribd.com/ http://finance.yahoo.com/blogs/the-exchange/half-americans-set-die-without-193140015.html http://www.azcourts.gov/Portals/83/pdf/ProbateFeesStatebystate.pdf http://www.inheritancefunding.com/arizona-probate/ DANA LAW FRM ESTATE PLANNING, ESTATE LITIGATION & PROBATE SERVING ARIZONA SINCE 1984

Why People Avoid Estate Planning

shared by sworkman on Apr 27
128 views
0 shares
0 comments
Interesting info graphic about why people avoid estate planning. It gives excellent statistics on the subject.

Publisher

Dana Law Firm

Tags

None.

Category

Lifestyle
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size