There are many people in Brooklyn and across New York City who earn a good living of $100,000 or more. While they might enjoy a certain lifestyle with this type of salary, there are fundamentals that must be considered. If you are in this fortunate situation, new research suggests that you might be someone who has not taken the important step of creating an estate plan. Knowing the value of an estate plan – especially for someone with vast assets – is critical and you should be cognizant of that.
Survey shows a worrying number of people do not have an estate plan
The estate planning entity “Wealth” conducted a survey to determine whether people were creating an estate plan. The survey took place over the last two weeks of 2021. There were 10,000 people who took part and they were between the ages of 30 and 55. Their total household income exceeded $100,000. The survey came to concerning results. First, nearly half of the participants did not have an estate plan at all. About one-third have a will. Sixty-three percent stated that they have thought about crafting an estate plan, but have yet to do so. Forty-six percent cited and unfamiliarity with the mechanics of creating one as a hindrance.
Obstacles that impede crafting an estate plan
Some of the reasons for which people did not have an estate plan included a lack of urgency and belief that it can wait. Forty-five percent stated they did not want to think about dying. While the survey focused on people with a good income, estate planning is not limited to those who have major assets. People without vast assets or those who think they do not have valuable properties simply shun the idea of an estate plan. This came to 42% of participants. Around one in three believed they did not have enough money to warrant it.
You should know your options and the value of estate planning
Estate planning is a protective device for myriad issues. It can help family members, list how property will be distributed after death and avoid family disagreements. The circumstances will dictate which is the best estate planning option for the situation. Some might do well with a trust to ensure loved ones have sufficient oversight. There could be concerns as to who will care for minor children. A business and real estate might be at stake. When you are thinking about the value of estate planning and knowing how to create an effective one, you should make sure to have support, advice and legal protection.