Recent studies have revealed a concerning trend, Matthew Erskine notes in Forbes – a significant (6%) decline in estate planning across various demographics, including older Americans and business owners. This is an issue that demands addressing, Erskine says, since regular updates are needed to address law changes and changes in their personal circumstances. Estate planning:
- provides financial security for loved ones
- ensures business continuity
- minimizes taxes
- facilitates philanthropic goals
“Facing mortality, more Americans wrote wills during the pandemic,” Daniel de Vise writes in USA Today. “Now, they’re opting out.” Caring.com’s 2024 survey reported that the number of adults having a will is down 34% from last year. Unfortunately, “people who die without a will can leave a thicket of probate problems for loved ones,” de Vise says. Is it a result of growing diversity of older Americans (Black and Hispanic populations are found to be less likely to leave a will)? That’s only one factor, he concludes, because Americans of all races struggle to find the time, money, and motivation to prepare an estate plan. Another reason fewer people may be putting together wills is because they’re reaching big life milestones, like marriage, later in life.
Yes, estate planning can be expensive, Postic & Bates admits, “but so is buying life insurance, a house, a computer, or anything else that makes our life or our family’s lives better.”
Since estate planning ensures control over your assets and documents your wishes in case of unexpected incapacitation or death, the way we see our work at Rebecca W. Geyer & Associates is that “we help you prepare for all of life’s twists and turns”. Some of those “twists and turns” may already be present in your life (special needs children, remarriage, divorce, acquiring or transferring a business interest, frozen embryos), while others may involve significant life events as yet unforeseen.
Over our many years of helping plan and administer estates, we have come to understand the challenges, fears, and family dynamics that come into play. Clients creating an estate plan, from our point of view, are taking an interest, not in death, but in life!.
– by Ronnie of the Rebecca W. Geyer blog team.
