Every adult needs to have an estate plan in place. An estate plan is a plan that lays out who is in charge and what will happen when a person is incapacitated or passes away. The estate plan usually includes documents such as a will, living trust, healthcare directives, and a durable power of attorney. Having an estate plan in place allows loved ones to grieve instead of worrying about the financial turmoil involved in settling a person’s estate.
An interesting study conducted by Kantar TNS compiled survey results of more than 3,000 American adults over the age of 55. Some of the finding are listed below.
- About 60% of Americans plan to leave their spouse and children an inheritance.
- Only 55% of Americans have a will, and 23% of those are outdated.
- Most Americans decide to leave an inheritance for both emotional and pragmatic reasons, such as providing loved ones with financial security and covering funeral expenses.
- Two-thirds of Americans prefer to distribute part of their estate while they are still alive. This way, they can retain control over distributions and see how their heirs are benefiting from the inheritance.
- 66% of Americans fear they will become a burden on loved ones in old age.
- 59% of Americans fear running out of money due to medical expenses.
- 51% of Americans fear receiving unwanted medical treatments.
- About 91% of Americans over 55 believe that having open conversations in advance about the end of life can alleviate suffering for the dying and their loved ones.
If you would like to prepare an estate plan, an experienced attorney at Lavender Greenberg can help.