There are plenty of academic studies and polls that have been conducted determining that most people believe that they don’t have a will or may not need a will. There are even more stories about celebrities who make estate planning blunders.
However, a new research study indicates that trusts may fall under the same challenge. If estate planning is used only as a tool for the extremely wealthy, people might skip out on engaging in the estate planning process altogether.
A new research study indicates that half of all Americans believe that their assets are not worth enough of total value to consider estate planning. Within the U.S., 46% of Americans believe that putting together a trust, which is often a core component in various estate plans, is something that only a wealthy individual needs.
Given that approximately one-third of the population believes they aren’t even wealthy enough to begin to put together an estate plan and that more than one-third of the current population without a trust or will have not even discussed estate planning with their family, this can be a major mistake.
Everyone can benefit from estate planning, whether it’s putting together documents for your future health care decision making or putting together a will or a trust. To learn more, contact an experienced estate planning lawyer today.
