Half of Americans Wrongly Think Estate Planning is Only for the Rich
According to WealthCounsel’s recently released Estate Planning Awareness Survey, nearly half of Americans (47 percent) believe estate planning is a tool only meant for the ultra-wealthy. This common misconception means there are potentially millions of people across the country who have not properly planned for the future simply because they don’t feel they need to do so.
Here are some other finding from the survey:
- 49 percent of respondents did not believe their assets have a high enough value to worry about estate planning for them.
- 46 percent of Americans believe the use of a trust is only worthy of consideration for wealthy individuals.
- 37 percent of Americans who do not have a will or a trust say they have not discussed starting one with their families because they do not believe it’s worthwhile.
- 29 percent of Americans say they are not wealthy enough to even think about establishing an estate plan.
As any estate planning attorney knows, these results are troubling. Estate planning is an important process for people from all walks of life — even those who do not have significant assets or property to their name.
In fact, anyone who has children should be especially mindful of estate planning, as it allows you to appoint guardians for your kids in the event of your untimely passing. If you do not take this step, others could make this decision for you.
For further information on whether estate planning is right for you, meet with a knowledgeable Tampa estate planning attorney at BaumannKangas Estate Law.