No generation is perfect at estate planning, but some are better than others.
Age does not matter.
You need an estate plan.
Naturally, as we age, we begin to see the need for getting our affairs in order.
Young people tend to feel invincible.
They are unaware of their own mortality.
According to a recent Financial Buzz article titled “Millennials: Start thinking about estate planning now!,” a caring.com study found only 22 percent of Americans ages 18 to 36 have a will or trust.
This is a significant difference from Americans who are 72 or older.
Nearly 81 percent of this older demographic have a will or trust.
What about those who are 53 to 71 years of age?
Sixty percent have an estate plan.
Unfortunately, the next lowest age bracket of 37 to 52-year-olds does little planning.
Only 36 percent have a will or trust.
These numbers are certainly not ideal.
But people make excuses.
The two most popular are lack of assets and an abundance of time.
Neither is good.
You never know when you could die or become incapacitated.
As my maternal grandfather used to say, "The old must die ... and the young may die."
Create an estate plan now so your affairs will be in order for your loved ones later.
Be sure it is done right with the help of an experienced estate planning attorney.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Financial Buzz (March 3, 2017) “Millennials: Start thinking about estate planning now!”