When you blog about personal finance for people over 50, every so often you need to write a scold post. This is one of those times. Please stop taking an ostrich approach to estate planning.
A recent survey from Rocket Lawyer shows that 51% of Americans age 55 to 64 don’t have a will. And the percentages get even worse when examining other age groups and Americans in general. So why do so many Americans have their heads in the sand?
A recent Forbes article, aptly entitled “Americans’ Ostrich Approach To Estate Planning“, attempts to set everyone straight: “whether you’re married or single, a parent or childless, a millionaire or middle-income, you need a will.”
The article also suggests that if you have assets in the six figures or more, you also should have a trust to minimize estate taxes and to avoid probate.
The article also notes that a trust may offer greater control over when and how your assets will be distributed —like only disbursing funds when your child reaches certain ages or limiting the use of the money for such purposes as education.
Don’t be an ostrich like so many Americans—speak to a qualified estate planning attorney and ask him or her to help you draft a will, create a trust, and whatever else you might need based on your specific circumstances.
Get your head out of the sand!
Reference: Forbes (April 9, 2014) “Americans’ Ostrich Approach To Estate Planning“
