Do you have an estate plan? If not, you are not alone, and you may be responding to the latest trends affecting Americans and their estate planning practices. Statistics show that Americans are responding to financial trends including income inequality and rising inflation, and these factors are having an impact on estate planning nationwide.
This article will discuss the statistics and trends and potential impact these may have, with information derived from Caring.com’s 2024 Wills and Estate Planning Survey and an article about the danger of declining estate planning rates originally published by Forbes. See https://www.caring.com/caregivers/estate-planning/wills-survey/ and https://www.forbes.com/sites/matthewerskine/2024/03/20/the-danger-of-declining-estate-planning-rates/?sh=2db3b6924e33
What are the main estate planning trends?
- As reported in a survey by Caring.com, for the first time since 2020, the number of Americans with a will has declined.
- Only 32% of Americans have an estate plan in 2024.
- security for loved ones.
- For business owners, estate planning ensures business continuity.
- For art lovers, a plan can preserve the value of art collections.
- Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
- Estate planning can involve more than financial assets.
- It can control healthcare decisions
- Designate what happens with your digital and social media assets
- Provide guidance on how children are looked after in the event of an emergency
What can you do to address these estate planning concerns?
- The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
- Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
- Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer
Estate Planning Does Not Have to Be Intimidating
Estate planning can be complicated and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All it takes to get started is one call to your estate planning attorney, and we will help you do the rest.
- This is a 6% decline from last year.
- 40% of people without a will attribute that to not having enough assets to leave to anyone.
- The study found 16% notable decline among lower-income Americans.
What are other surprising niche trends?
- Around 85% of successful business owners have outdated estate plans.
- This can potentially lead to unintended consequences due to changes in tax law and personal circumstances.
- Only about 10% of ultra-high net worth individuals with significant art collections have planned for their transfer.
- This can potentially risk disputes among heirs or mismanagement of the collection.
Why is estate planning important?
- Estate planning is crucial for distributing assets as to one’s wishes and providing financial security for loved ones.
- For business owners, estate planning ensures business continuity.
- For art lovers, a plan can preserve the value of art collections.
- Estate planning can minimize taxes, preserve your legacy and facility philanthropic goals
- Estate planning can involve more than financial assets.
- It can control healthcare decisions
- Designate what happens with your digital and social media assets
- Provide guidance on how children are looked after in the event of an emergency
What can you do to address these estate planning concerns?
- The obvious first step is to get your own affairs in order. At the Law Office of David Knecht, we have extensive experience in all aspects of estate planning, and we can help make this process easy. To get started or to freshen up a preexisting plan, contact us today at 707-451-4502.
- Talk to friends and family. If you estate plan is prepared, talk to your loved ones about how they can get steps to be prepared for the future.
- Get involved in your community and talk about estate planning with new friends and associates. You can look for opportunities to serve in local communities, on sites such as https://www.cityofvacaville.gov/i-want-to/volunteer
Estate Planning Does Not Have to Be Intimidating
Estate planning takes some time, and it does involve facing the inevitable occurrence of your passing on, but it does not have to be intimidating. All you need to get started is one call to your estate planning attorney, and we will help you do the rest.
