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!