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