Do you have an estate plan? The most common answer to that question still seems to be “No, but I’ll get around to it.”
A recent survey by Lawyers.com indicates that, although more than half of adults 18 and over have at least one component of an estate plan, no one component of an estate plan is owned by even 50% of the survey sample.
The following percentages of estate plan ownership were found:
- Traditional wills……………………………………………..45%
- Living wills or advance medical directives………………41%
- Power of attorney for health care…………………………38%
- Durable power of attorney (for finances)…………………36%
- Living trust…………………………………………………….31%
The good news is that if all the folks who don’t have complete or partial estate plans live to their life expectancy, they most likely will indeed “get around to it.” Where the potential problem lies is in the fact that if they die earlier than expected, their heirs could have a mess on their hands.
It is true that you can control the disposition of your property by the way in which you hold ownership and by beneficiary designations. However, an estate plan can tie up loose ends and provide additional piece of mind.
