With the hectic schedule of contemporary life, it is easy to place something like estate planning into the “I’ll get to it later,” category. Perhaps you are young and figure you won’t need a will for about another half-century, or you just don’t have the time to sit down and write up plans for something that doesn’t affect you this very moment. Which ever reason you have for avoiding estate planning, you are among the majority. According to a recent survey, 52% of American adults do not even have a will.
Along with wills, estate planning involves other important documents such as the durable power of attorney. A durable power of attorney designates a person who will make decisions on your behalf if you are no longer able to. This is an important position to define, especially if you are single or in an unmarried partnership (as are the majority of Millennials). If you do not assign someone as power of attorney, the court may choose someone to fill the role.
Designating a power of attorney and tallying up and choosing how to distribute your assets might seem like a task for another day, but which day will that be? Gaining wealth, having children, and simply growing older are common motivators for estate planning, but according to the aforementioned survey, 56% of Americans from ages 35 to 54 still did not have estate plans.
Let’s not put it off any longer. We can work together to get these numbers down. To get started financial planning now with Estate Planning, Special Needs Planning, Elder Law, Veterans Benefits, Real Estate, and Business Planning needs contact Glenn R. Matecun by calling (517) 548-7400 in Livingston County and (586) 751-0779 in Macomb County. For more information on what estate planning means, watch our video on “What is Estate Planning?” by clicking here.
Read the full survey report here.