Due to the Covid - 19 pandemic there has been an increase of Americans looking to create an estate plan.
According to this CNBC article, since the beginning of Covid-19, only 33% of Americans have created their estate plan. This leaves 67% of Americans without any plans in place. Not having a plan in place means that if anything were to happen to them, all of the assets they have worked hard for are now left in the hands of others to decide thier fate, including the state. Most of the time Americans do not create an estate plan because they do not know where to start. They don’t understand the importance of a Will, they think they don’t have enough assets to need an estate plan, or they simply have not gotten around to it.
Not getting an estate plan in place could leave thousands of dollars on the table for Uncle Sam to grab, rather than giving your loved ones what you worked hard for.
Even though estate planning can be costly, it helps protect your assets and your preferences on end-of-life care. Adults of any asset level can still benefit from an estate plan, but adults with moderate to high net worth have much more complex needs making an estate plan crucial. Estate planning to some may seem like something that may feel unnecessary, however, it is very important to protect your assets and pass down your legacy. With the recent uptake in Covid-19, it is important to make sure you have an estate plan in place, that way there is less stress on you and your family if anything were to happen.
If you are ready to speak to one of our experienced lawyers about completing your estate plan, book a Strategic Planning Session at www.BookMyPlanningSession.com!