October 18th-24th is National Estate Planning Awareness Week! Here are some facts about estate planning that may surprise you:
55% of Americans die without a will or estate plan
71.6% of Americans do not have an up-to-date will
15% of Americans earning more than $150,000 have an up-to-date will
29% of people think they “don’t have enough assets to leave to anyone”
3-8% of assets in an estate go toward the cost of probate, on average (personal representative fees, attorney fees, accounting fees, appraisal and business valuation fees, bond fees and more)
6 months to 2 years: The amount of time an average modest estate can take to get through the probate process
74% of Americans said they would be more likely to create an estate plan if it helped lower their families’ taxes
Estate Planning is important, no matter your age or wealth. Below are some reasons to consider an estate plan.
- Allows you to decide how your wealth will be distributed to your loved ones and organizations you care about – not the courts.
- Maximizes the wealth transferred to your beneficiaries by avoiding probate and transfer taxes.
- Incorporates your values and charitable giving goals into your plan.
- Gives you the power to decide who has Power of Attorney and your healthcare directives.
Fortunately, it’s never too late to create or update an estate plan. With the help of a financial adviser and an estate planning attorney, you can ensure that the needs of your family and your wishes are met.
The Catholic Community Foundation is proud to assist donors with their charitable legacies and promote overall awareness of the importance of estate planning.
For more information about planned giving or to be introduced to an estate planning attorney, contact us at info@catholiccf.org or (408) 995-5219. Find more information at catholiccf.org/give-later
Source: http://blog.acadviser.com/26-must-know-statistics-about-estate-planning