Do Not Let Your Clients Become a Statistic
You spend countless hours helping clients establish a solid financial plan for the future, so why not take the time to tell them about the benefits of creating an estate plan to align with their financial plan? As a trusted advisor to your clients, we are confident that you do not want to see them become a statistic because of a lack of planning.
Most People Do Not Have a Will or Trust
Only one in three Americans have a will or trust.1 This statistic is not surprising due to the amount of misinformation and fear around establishing an estate plan.2 One in three Americans who do not have a will or trust believe they do not have enough money or property to justify having an estate plan. The belief that estate planning is only for the wealthy is just one reason people put off planning; other reasons include being too busy, viewing it as too complicated or expensive, or fear of discussing death.3
It Is Not Always Known if Someone Has an Estate Plan
Some people may not see the point in discussing death with their loved ones, but having this difficult discussion can serve several purposes. Surprisingly, 52 percent of people do not know where their parents keep their estate planning documents,4 and only 46 percent of will executors are aware that they are named in someone's will.5 It is important that your clients tell their loved ones where they store their important legal documents, as loved ones may need to access original legal documents for multiple reasons. Additionally, when establishing a plan, your clients must tell the individuals named in their documents that they have been chosen to serve in these roles. These discussions should focus on what their responsibilities are and highlight the client's wishes. Some estate planning attorneys offer family meetings after an estate plan is created to educate the individuals named in the client's plan on the role they will play.
Conflicts Are Common
According to a survey conducted by LegalShield, 58 percent of adults in the United States say they or someone they know have experienced familial conflicts due to not having an estate plan or a will.6 Conflicts can arise from a lack of proper planning. Often these conflicts are related to arguments over how assets should be distributed after a loved one's passing. You should advise your clients that working with an experienced estate planning attorney can assist in reducing family conflicts and disagreements that could ultimately end in estrangement.
Now Is the Right Time for Your Clients to Plan
Proper planning has always been important. American retirees expect to transfer more than $36 trillion to their families, friends, nonprofits, and additional beneficiaries over the next 30 years.7 This figure indicates an increased need to have a comprehensive financial and estate plan. You can help benefit your clients by assisting them in creating their financial plan and encouraging them to avoid the estate planning statistics. If you or your clients have any questions about creating or updating an estate plan, please reach out to us.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
