Many Americans Believe Estate Planning to Be Only for Rich
According to information in the first-ever Estate Planning Awareness Survey (conducted by WealthCounsel), nearly half of all Americans believe estate planning is a tool meant only for the ultra-wealthy. This unfortunate misconception would partially explain why there are so many adults throughout the United States who have not engaged in proper estate planning.
The following are some other areas of concern in the study:
- Approximately 49 percent of Americans do not believe their assets are worth enough to make estate planning worthwhile.
- About 46 percent of Americans believe establishing a trust — a common component of estate plans — is something only wealthy individuals need to do.
- 37 percent of Americans who do not have a will or trust say they have not even brought up the issue with their families because they don’t believe their assets or valuables are worth enough.
- 29 percent of Americans without a will or trust say they are not wealthy enough to consider estate planning at all.
- 74 percent of Americans believe estate planning is a confusing topic.
- 53 percent of Americans say they’ve had a difficult time finding a trustworthy estate planning advisor.
It is truly unfortunate that such misconceptions about estate planning exist. One does not have to have a certain level of wealth to put together an estate plan. Even if you do not have a particularly valuable estate, estate planning encompasses so much more than just how you will pass your assets on to your loved ones. It also includes stipulations for end-of-life care and allows you to name who will be the guardian of your minor children if you should pass away before they reach adulthood.
To get started with your estate planning process, speak with a knowledgeable Florida attorney at The Charles Law Offices.