More than Half of American Adults Have No Estate Plan
Data from the Consumer Financial Protection Bureau indicates that more than half of the adults in the United States do not have an estate plan prepared. This is largely due to a lack of financial awareness and understanding of the various processes and benefits associated with estate planning.
According to the CFPB, while there are many people nationwide who want to educate themselves more about financial and estate planning, they typically only tend to look for this information within their existing social networks. As a result, people are often making critical, long-term planning decisions based on the information they are getting from their friends and family members, who may or may not have much knowledge of these issues.
Part of the problem is that there’s a significant lack of financial and estate planning education in our school systems in Florida and across the country. Most people go through grade school and college without ever taking classes that go through the processes and importance of personal finance — not to mention long-term planning.
Seeking the assistance of an attorney
If you are among the many Americans who do not have an estate plan, it is important to seek the assistance of a professional rather than your friends or family. Estate and financial planning professionals have broad knowledge and resources that will better educate you on your situation and how you can safeguard the future of you and your loved ones.
To learn more about estate planning and why it’s so important, consult a dedicated Florida wills and trusts lawyer with The Charles Law Offices.