You need an estate plan, now
Readers of our blog likely know the importance of estate planning. After all, if we cannot avoid death and taxes, at least, we should plan for it. Right? However, according to study after study, most Americans are still not estate planning. At Kaiser Legal Solutions, PLLC, we are here to help.
Americans across all generations are not estate planning
According to Edward Jones research, of financial advisor clients, only about one-third had discussed estate planning. Only 38% of Baby Boomers have discussed estate planning, and around 33% of Millennials and Generation Xers have done so.
Not estate planning is personally and financially costly
Without an estate plan, no one will be designated to make decisions, should one become incapacitated. This includes making medical decisions (i.e., life support, life saving measures, etc.) and financial decisions (i.e., paying bills, running businesses, etc.). That affects us personally, and before death. On the financial side, prior to death, should we become incapacitated, without a power of attorney, automatic payments that should be paused or canceled will continue to drain bank accounts, and those bills that should be paid will not get paid. This, potentially, could put cars into repossession and houses into foreclosure.
Not estate planning hurts our heirs personally and financially
As Texans, we care about our families. But, dying without an estate plan will hurt the ones we leave behind. First, everything in our estate will need to go through probate, which will take a large chunk of our estate. On a personal note though, our grieving family members will have to figure out how we wanted to be laid to rest and struggle with paying for it. They will also have to fight amongst themselves (in probate court) to figure out who gets what and how much. This is extremely traumatic for grieving family members and could create rifts between them that never heals.
Kaiser Legal Solutions, PLLC, is here to help
For many of our Texas readers, including those in Arlington and Donna, the barrier to estate planning is just making that first call. And, our firm is here to help make that first step easier and as painless as possible.