Estate Planning Fatigue is a Significant Hindrance to Many Americans

estate planning, Naperville estate planning attorneyAlthough it can be a difficult topic to discuss, having a comprehensive estate plan is extremely important – regardless of wealth or status. If a person passes away without some sort of estate planning documents in place, he or she loses control over who acquires his or her assets and property. If the individual who passes away has minor children, they will have no say in who cares for their children after their passing. Not having an estate plan also means that you give up control over your own healthcare in the event that you are incapacitated by illness or injury.

In situations like these, courts are forced to step in and make these deeply personal decisions for the deceased person. As an estate planning attorney, I recognize that this can be costly, both financially as well as emotionally, for those friends and family left behind.

Surveys Show Many Americans Are Woefully Unprepared for an Unexpected Tragedy

A recent study suggests that only 42 percent of adults in the United States have a will, living trust, or another type of estate planning document in place. This means that over half of the adult population are completely unprepared for a serious health concern or untimely death. Even more surprising, only 36 percent of individuals with minor children have an end-of-life plan in place. If these parents pass away before their children, the courts will be left to decide where to place the children. This failure to plan is not limited to those with a modest income. A study conducted by CNBC indicated that 38 percent of U.S millionaires do not have a comprehensive estate plan.

Procrastination and Feeling Overwhelmed Prevent Many From Taking Necessary Steps

Why do so many otherwise financially-savvy individuals not have even the most basic estate planning tools in place? There are a few reasons. Firstly, estate planning deals with how assets and debts will be managed after a person’s death. It can be quite intimidating to consider one’s own mortality. It is very tempting to procrastinate these tasks. Secondly, many people who try to do estate planning on their own become exhausted and overwhelmed. This so-called “estate planning fatigue” can make people much less likely to have legally-enforceable, up-to-date estate planning documents.

Do Not Wait Any Longer to Plan for Your Family’s Future

If the idea of creating a last will and testament, living trust, advance medical directive, or power of attorney document leaves you feeling overwhelmed and confused, you are not alone. The Gierach Law Firm is ready to help you understand your estate planning options and choose those tools which are right for you. To schedule a confidential consultation with one of our experienced Naperville estate planning attorneys, call (630) 756-1160 today.

 

Sources:

CNBC

CNN Money

Caring.com