If 2023 is the year you’ll tackle your estate planning, this is an important and crucial step to protecting your loved ones. Far too many people overlook the impact of estate planning or assume it doesn’t apply to them, either by reasons of their health, age or financial situation.
Establishing the most basic of estate planning documents – a will – ensures that you have a guardian named for your minor children and a plan for how your assets will be distributed after debts are paid. You may need additional estate planning documents, such as a power of attorney, living will or trust depending on your individual goals and type of estate.
Understanding the current scope of the estate planning market can help you be in the right frame of mind to list the questions you’ll ask of your estate planning attorney. Here are some to consider:
- Only 46% of people who were named as executors of a will or administrators of an estate knew about the will itself. It can be very important to inform these critical people about the existence of the will and its location.
- 32% of adults under age 35 drafted a will as a result of the COVID-19 pandemic, which showed many people just how quickly a disabling event or illness could influence their future.
- 52% of people have no idea where their parents store their estate planning documents.
- Only 32% of Americans have a will.
Working with a qualified and knowledgeable estate planning lawyer can help you understand and determine your next steps. If you haven’t already met with a Pasadena region estate planning attorney, set up your first meeting today.