I’m not going to say estate planning is a numbers game; of course, it isn’t, but it does involve many numbers, such as the value of your assets. But for a different view, I thought it would be interesting to gather some data related to estate planning that may be new to you. Here we go:
- According to Caring.com (2024), 67% of Americans have no will or estate plan. None. I’ve provided a great deal of information about the consequences of dying without a will in the past. It simply means leaving a complicated mess for your loved ones. One they won’t thank you for.
- On average, probate takes 6-12 months to settle a basic estate (more complex estates can take years). This statistic alone should make you want to get your affairs in order; your loved ones won’t receive their inheritance until everything is settled. Is that what you wish for them?
- The estimated cost of probate can range from $1,500 to $10,000 or more, depending on estate size and complexity. Those costs are related to attorney fees, court costs, delays, etc., and are often paid out of the estate itself. So that means, if you don’t take steps to avoid probate, your heirs will not only experience delays in receiving their inheritance, they’ll receive less because of the probate costs. Again, not a situation your loved ones will appreciate.
- According to AARP, 20% of people don’t know how to start an estate plan. That’s probably a low number. I invite you to call me to talk about how to start your estate plan. It is considerably easier than you’re probably thinking.
- 1 in 3 families say they’ve had a conflict over inheritance or end-of-life decisions, according to a TD Wealth survey. Frankly, I’d have guessed closer to 50%. And I can tell you, things can get very ugly. Think about it. I would bet you know one or more individuals who have experienced this kind of conflict, maybe even you. It can be avoided with a comprehensive estate plan.
- 95% of people say having an estate plan gives them peace of mind. I find my clients echo that. They are so happy to know they’ve done everything they can for their loved ones.
- What is the cost to you of dying without a plan? $0. But the cost to your loved ones? Stress, time, money, possible family disputes, and even court battles. You may have saved a few bucks, but your relatives will pay a high cost after you’re gone.
Estate planning isn’t just about the numbers but they tell a story. Let’s ensure your story is about how much you care for your loved ones. How you have taken the necessary steps to have your “ducks in a row”, as they say, so when you pass, your family will know just how much they meant to you. Call me today to get started on your will and estate plan. It’s important. I can be reached at 513-399-7526 or visit my website, www.davidlefton.com, for more information.