Estate planning is an important step for Kentucky residents regardless of their financial position, family situation and goals for the future. In many cases, people do not write a will or use another estate planning option because they do not think they have enough property to make it worthwhile. However, when assessing what they own, they have more than they think.
It might be surprising to discover that certain demographics are not as vigilant about estate planning as they probably should be. A recent survey by Ameriprise Financial shows that people who range from middle-aged to retirement and have disposable income are not writing estate plans. This information should be worrisome as failing to write a basic will can lead to assets being distributed in ways they might not have wanted.
Over 50% of couples who took part in survey do not have an estate plan
In the survey, 1,500 people took part. Ameriprise reports that 52% of the people who responded said they did not have an estate plan. They could be considered well off financially as they have at least $100,000 in investable assets. They ranged in age from 45 to 70 and had either retired over the past 10 years or are intending do so over the next decade.
The results were surprising given how attentive these couples were to other financial issues. For example, 93% agreed regarding their retirement objectives. One-quarter had yet to decide on how much they would need for the future.
Strategists at Ameriprise gave guidance to people who are vacillating on the need for an estate plan. Often, people are reluctant to move forward with estate planning because it can be a scary process. It does not need to be if people are aware of how it can help them and their family.
Seeking professional guidance can assuage concerns and lead them in the right direction to achieve their goals with the estate plan, ensuring property goes where they want it to and their preferences are adhered to if they are incapacitated. The estate plan, once completed, should be updated intermittently to address changes as they happen. Perhaps that is a marriage, a divorce, having a child or grandchild.
Estate planning should not be ignored or put off
People might tend to think estate planning is not a priority or it can wait until later. Once they realize its value and how it can benefit them, they realize how they were mistaken. Those with significant assets are advised to take this vital step to be fully prepared for the future and to protect everything they have worked for and achieved.