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Survey results show that estate planning is still a touchy topic

Many of our readers have heard it before: the majority of Americans don't have a will. Previous posts here have touched on just how much of a risk it is to continue to avoid the issue of estate planning. Unfortunately, a recent report noted a study that confirms, again, that Americans are not doing what they should when it comes to estate planning.

The report notes that the study found that 52 percent of Americans don't have wills. So, we should applaud the 48 percent that do, right? Well, not necessarily. The study also found that of those who have addressed their estate planning needs, about 40 percent of them have not discussed the content of those estate plans with their children. And about 33 percent of people reported that their relatives don't even know where to find their estate planning documents when the time comes.

Overall, it seems like we still have quite a way to go when it comes to getting Americans to consider the benefits of estate planning. As our readers know from previous posts here, there are many different benefits when it comes to establishing trusts, drafting power of attorney documents or even just drafting a simple will.

When it comes to estate planning, probably the best way to put it is that there are two fundamental steps that need to take place. First, consider your assets, consider your heirs and have a comprehensive estate plan drafted. Second, communicate with family, friends, heirs and beneficiaries about what your estate plan is.

Source: fa-mag.com, "Most Americans Still Avoid Estate Planning, Study Says," Christopher Robbins, April 7, 2017

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