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Estate Planning Not Meant for Only the Wealthy

Whether you are an upper class family with a house in the Hamptons, a middle class family from the cold Midwest or a working class family living in Jersey City, estate planning can help you and your family.

Many Americans wrongly assume that estate planning is useless for their financial situation and do not take the important step of creating a will, trust or assigning any powers of attorney in the case that they are needed.

In fact, according to a recent survey of Americans, only one half of them have made any of those legal and financial preparations. Not only is that inaction a result of the false assumption that they don't need to create a financial plan, but the state of our economy also plays a part in the decreased interest in estate planning. The idea of legal costs is daunting to many who are watching their pennies and struggling to merely pay their mortgages.

Age also is a determining factor in regards to the survey's statistics. The younger population surveyed (under 35) were much less likely to have prepared any basic estate planning documents than the older population surveyed (55 and over). The percentage of the senior citizen population surveyed who has prepared those documents worries experts the most, with under half of them having assigned a financial power of attorney.

Experts insist that those without millions of dollars or who are younger should at least assign a medical power of attorney and create a living will. Estate planning is not just about financial planning. It also makes your desires regarding medical treatment known. Without a plan, if something were to happen to you, your friends and family are left guessing about how you want to live or die. That is a stressful, life-changing decision that ideally should be made by you and not forced upon your loved ones.

Resource

Americans Lack Basic Estate Plans 

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