Estate planning is one of the most complicated — and the most common — types of legal issues that attorneys deal with today. From handling Medicaid planning to dealing with elder law issues, there are plenty of different types of legal situations that older Americans might be facing — and although estate planning and creating a living will is just one aspect of these legal issues, you’d be surprised by how important it all is! Take a quick look at the numbers below and you’ll see what we mean:
51% of Americans between the ages of 55 and 64 surprisingly don’t have a will set up.
62% of Americans in that same age range do have wills drafted up.
57% of older adults, including both men and women, who have not drafted up a will have stated that their reasoning is simply “just haven’t gotten around to it.”
There are 3 common reasons why people typically avoid dealing with estate planning. First, they simply want to avoid probate. Second, they want to minimize any fights or jealous feelings between their beneficiaries — or at least procrastinate starting these fights for as long as possible. And third, many want to protect their own finances for as long as possible, and they just don’t quite trust their children to manage these finances well.
33% of Americans state that if they had to choose between getting a root canal, doing their taxes, or dealing with estate planning… They would choose either the root canal or the taxes before even thinking about their estate and will.
You can pay just $100 for a bare-bones will to be drafted up, so despite the argument that you just don’t want to pay for it, it’s really not that expensive!
Dealing with long term care issues and living wills is never a fun topic, and it’s certainly not something anyone wants to do — but it’s something that will only benefit you in the end.
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