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Americans are Still Not Estate Planning, Elder Law Attorney, Woodstock, GA


A new study confirms what many previous studies have found. Too many Americans are not properly planning for their estates. This study offers some results that suggest why that could be dangerous.

Study after study has shown that many Americans do not have estate plans. BMO Wealth Management has released a new study that confirms those results.

Its study found that 52% Americans do not have a will. Although the study found that most respondents wanted to leave their estates to their spouses or to have their estates equally distributed between their children, it found that many people wanted to do something else.

Doing anything else, in almost all cases, requires getting an estate plan that at a minimum, includes a will.

However, the study found some other results that are more concerning, as Financial Advisor reported in “Most Americans Still Avoid Estate Planning, Study Says.”

One of the most important ways that family fights over an estate can be avoided, is to communicate with heirs about plans for the estate. This lets heirs know what to expect and why.

This study found that 40% of respondents had not discussed their estate plans with their heirs. However, it also found that only 28% of the people surveyed had discussed their parents’ estate plans with them. Additionally, 40% of the people believed that their parents’ estate plans had been unfair.

When children believe that their parents’ estate plans are unfair and those plans have not been discussed with the parents, you have the basic ingredients for a fight between family members over an estate.

Avoiding these fights can often be simple as having an estate plan, telling children what it is and telling children why the parents believe the plan is fair.

Reference: Financial Advisor (April 7, 2017) “Most Americans Still Avoid Estate Planning, Study Says.”

 

Hear From Our Clients
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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce