A new study finds numerous shortfalls among American adults across generational wealth, age and gender lines. The study was conducted by Free Will and finds what it is about Americans’ attitudes on estate planning that makes them less likely to complete these important plans, strategies and documents, despite the fact that they wish for their loved ones to have an easier experience.
The lack of estate planning is a significant problem in the United States, especially given the $84 trillion expected great wealth transfer in the next few decades. Even people who work with financial advisors report failure to complete estate plans in high numbers with as many as 90%, saying they have no formal plan in place. With parents who have children aged 21 and above, half of them report that they provide significant financial contributions to assist their children. This could impact the parents’ overall estate plans and retirement planning strategies for themselves.
Conducting a revisit of your current financial and estate plan could help you to identify opportunities to do things more effectively. If you don’t have a documented estate plan, or if one was created so long ago that it’s no longer in line with your individual goals, consider this a formal reminder to set up a new plan now.
Our Pasadena estate planning lawyers work with individuals, families, and business owners regularly to document comprehensive plans related to medical decisions and care, financial management, and asset transfers.
