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Don’t Hide Your Head In The Sand — Get Your Estate Plan In Order!

| Apr 21, 2014 | Uncategorized |

When you blog about personal finance for people over 50, every so often you need to write a scold post. This is one of those times. Please stop taking an ostrich approach to estate planning.

A recent survey from Rocket Lawyer shows that 51% of Americans age 55 to 64 don’t have a will. And the percentages get even worse when examining other age groups and Americans in general. So why do so many Americans have their heads in the sand?

A recent Forbes article, aptly entitled “Americans’ Ostrich Approach To Estate Planning, attempts to set everyone straight: “whether you’re married or single, a parent or childless, a millionaire or middle-income, you need a will.”

The article also suggests that if you have assets in the six figures or more, you also should have a trust to minimize estate taxes and to avoid probate.

The article also notes that a trust may offer greater control over when and how your assets will be distributed -like only disbursing funds when your child reaches certain ages or limiting the use of the money for such purposes as education.

Don’t be an ostrich like so many Americans-speak to a qualified estate planning attorney and ask him or her to help you draft a will, create a trust, and whatever else you might need based on your specific circumstances.

Get your head out of the sand!

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