Numerous California residents are without estate plans. In the event of death or incapacitation, this leaves them, their families and their assets vulnerable. It is possible to ensure self and family protections, as well as asset preservation by taking the time to plan one's estate.
BMO Wealth Management conducted a study about estate planning recently and the results are somewhat shocking. Out of all of the study participants, 52 percent said that they have not prepared estate plans. Why is the number so high?
There are a lot of reasons as to why people delay or simply fail to set up estate plans. Some individuals do not want to think about their own deaths, others do not feel that they have enough assets to make it worthwhile, and then there are those who feel it is an expense they cannot afford. While all of these thoughts are understandable, there are also many reasons why one should have an estate plan. The most significant of them being that, if one does not have a plan in place the court will have the final say as to how one's estate is administered and who will be charged with taking care of any minor children -- if applicable.
Is it easy to prepare an estate plan? Yes and no. It all depends on the complexity of one's individual situation and what goals and desires he or she has for asset preservation and personal and family protections. Whether one resides in California or elsewhere, an estate planning attorney can make the process as simple as possible.
Source: thestreet.com, "As Americans Blanch at Estate Planning, Financial Advisors Need to Spur Clients to Action", Brian O'Connell, April 12, 2017