I don’t need a survey to tell me what I already know from my prospective clients. Somewhere along the way, they were told, or they read, or they assumed that they needed to have a “large enough” estate to warrant the effort to create one. The truth is, it makes no difference how large your estate is on whether you should have one or not. The answer across the board is 100% always YES YOU DO NEED ONE! Wealth does not dictate if you need a North Carolina Estate Plan or not.
You can find out more here: Waiting will devastate your family
But, for those of you who are numbers people, here are some interesting stats from Investment News’ published in their recent article entitled “Procrastinating Americans putting off estate plans, says D.A. Davidson survey.”
- 34% of adults in the U.S. have an estate plan
- 37% said they didn’t have a plan because they felt they didn’t have a large enough estate to warrant one.
- Procrastination came in second place, with 32% of those surveyed saying they “haven’t gotten around to it.”
- 20% of those who actually created estate plans hadn’t updated them in the last five years
- Consulting an experienced estate planning attorney has a positive effect when it comes to creating an estate plan. The survey said that the number of those having a plan jumped from 18% to 56%, if they worked with a professional at some point. The survey showed those who have worked with a professional also feel more confident and prepared to discuss their estate plan and end-of-life wishes than those who have never worked with one, the survey showed.
- Regarding gender differences, 72% of the women surveyed don’t have an estate plan compared to 59% of men. This spread should narrow as the wage gap closes between males and females.
None of the reasons for not having an estate plan are legitimate. Wealth does not dictate if you need a North Carolina Estate Plan. Don’t let life get in the way of planning your sickness and death. And don’t be fooled that this is a one-time deal…review and amend your estate plan as often as needed.
Contact Sabrina Winters, Attorney at Law, TODAY to schedule your strategy session.
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Reference: Investment News (Oct. 11, 2022) “Procrastinating Americans putting off estate plans, says D.A. Davidson survey”