Do You Have an Estate Plan?

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By on August 3, 2007 in Current Events, Retirement with 0 Comments

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. 

Agencies can request to have John Grobe, or another of Federal Career Experts' qualified instructors, deliver a retirement or transition seminar to their employees. FCE instructors are not financial advisers and will not sell or recommend financial products to class participants. Agency Benefits Officers can contact John Grobe at [email protected] to discuss schedules and costs.

© 2017 John Grobe. All rights reserved. This article may not be reproduced without express written consent from John Grobe.

About the Author

John Grobe is President of Federal Career Experts, a consulting firm that specializes in federal retirement and career transition issues. He is also affiliated with TSP Safety Net. John retired from federal service after 25 years of progressively more responsible human resources positions. He is the author of Understanding the Federal Retirement Systems and Career Transition: A Guide for Federal Employees, both published by the Federal Management Institute. Federal Career Experts provides pre-retirement seminars for a wide variety of federal agencies.

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