Many people put off creating an estate plan or even putting together a simple will. This can be a big mistake when it comes time for your beneficiaries to receive assets from your probate and non-probate estate, but changing economic circumstances in America are prompting more people to think about the estate planning process. Inflation, rising healthcare costs, and other issues may all influence the overall value of your estate and what you’re able to leave behind to loved ones.
Caring.com recently completed their 2023 Wills and Estate Planning Study finding the major impacts of people’s perceptions of inflation about estate planning.
The study found that one in four Americans recognize that they need to think through their estate planning primarily because of inflation related issues. Over half of Americans between ages 18 and 34 say that their views on estate planning were changed because of inflation and 32% of Americans ages 55 and above say the same.
End of life planning and estate planning is extremely important for ensuring that your wishes are documented and for reducing the stress and challenges facing your loved ones. If you haven’t yet created an estate plan, now is the perfect opportunity to work with a qualified attorney to draft a comprehensive plan for your future.
Our Pasadena estate planning lawyers know how hard it is to sit down and write out your plan. We make it easier by walking you through our process to determine your assets, liabilities, and what’s most important to you. Don’t hesitate to contact us to schedule your initial consultation today to learn more.