The need for an estate plan seems self-evident; after all, who wouldn?t want to provide for the loved ones that survive them? Yet, despite the need for an estate plan, many people do not have one in place, have not received any advice on developing an estate plan, and have no intention of receiving advice in the future. Not surprisingly, the proclivity toward estate planning varies by age group.
In a study by Millionaire Corner, investors with a net worth between $100,000 and $1,000,000 were asked whether they had received estate planning advice from their primary advisor, and if they would or would not seek advice about it in the future. Overall, 36% of respondents said they do not need advice about estate planning. The highest percentage of people who felt they didn?t need advice was the 65-and-over age group, with 42% shunning the need for advice. The total number of people who will seek advice in the future was 30%; again, the 65-and-over group was the least likely to seek advice in the future. Of the people who have already sought out advice about the matter (18%), about 25% of the 65-and-over group had done so whereas only 10% of people under 44 years-of-age had done so.
What does this mean? It means that only about a quarter of the people facing the highest likelihood of death ? senior citizens ? had an adequate estate plan in place. Since they are also the group most likely to have significant assets, it means that they and, therefore, their survivors are the least prepared for their passing.
Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.byrdgarrett.com/blog/estate-planning/estate-planning-act-age/
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