More than half of Americans do not have a formal estate plan; 52% do not currently have a will in place. Among those that do have a will in place, a majority intend an equal distribution among beneficiaries, but a significant minority plan an unequal distribution. These uneven distribution schemes may be a cause of division in some families if not dealt with prior to a client’s death. Despite the possibility of litigation and familial strife after a client passes, many individuals with a will had not disclosed its contents or its whereabouts to their children or possible beneficiaries. Seemingly ignoring the possible consequences of a laissez-faire approach to estate planning, this is how many Americans are handling their estate and financial legacy.
See Christopher Robbins, Most Americans Still Avoid Estate Planning, Study Says, Financial Advisor, April 7, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
