A recent survey by AARP showed that about 40 percent of Baby Boomers have not drawn up a will. That number jumps to 71 percent for all Americans over age 34.
Procrastination, lack of incentives and cost are the top excuses.
But a story on fox40.com that quotes Angie Hicks of Angie’s List says not thinking about your own mortality can really cost your loved ones.
“While no one looks forward to planning their estate or funeral, it’s something we should all do because it can be considered a gift to your family because you are reducing stress that would be on them at that time,” she said.
The story says an estate planning attorney can offer advice and file the necessary papers to make sure your assets go where you want them. An attorney quoted in the story strongly recommends that parents establish a trust that allocates inheritance at certain ages to kids don’t get too much too soon.
A trust is also critical if you have a disabled child, the attorney noted.
Angie Hicks said you should expect to pay a minimum of $1,500 for the most basic estate plan.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 396-3145.
