According to Benjamin Franklin the only certainties in life are death and taxes. Ironically the fear of taxes sometimes gets in the way of effective personal estate planning, but by simply visiting an attorney who provides estate planning services many of these misconceptions can be easily cleared up.
What Do Americans Think About Wills and Estate Planning?
According to recent studies about 74% of Americans currently hold life insurance policies. This makes sense, as the old saying goes, accidents happen, people pass away suddenly and life insurance is a great way to insure that loved ones are not too heavily saddled with the expenses involved with a death. But that is only half of the story, it might be surprising to learn that about 51% of Americans between the ages of 51 to 64 do not have a will. Overall, 64% of the American public does not have a will.
What prevents people from consulting a wills lawyer?
Many people may be deterred from thinking about wills and estate planning because of the perceived high cost in estate taxes. This isn’t accurate. Last year 99.7% of estates did not owe federal estate taxes.In fact, federal estate tax affects only the largest estates, typically worth $5.43 million.
Why Consult A Probate Law Attorney?
Consulting a probate law attorney can lead to more control over the distribution of your assets when you have passed on. Without a will it is common for the surviving spouse’s family to inherit 100% of common estate upon their eventual death, while the first-to-die spouse’s family gets nothing.
What Can Probate Law Attorney Do for Your Pets?
Wills and estate planning can also effect companion animals as well. In a survey 61% of Americans wanted someone to care for their pets after their passing, but don’t think it’s important to provide for a pet in their will. By adding including pets in a will it insures their safety after their primary caretaker passes on.
What Happens to Your Digital Assets Without Estate Planning?
63% of Americans don’t know what happens to their digital assets upon their death, including online accounts and media. Americans have an average value of nearly $55,000 in their digital assets. If arrangements haven’t been made with a probate law attorney it is very probable that their digital assets could be forever lost.
75% of Americans said they would be more likely to create a will if there was an easy, way to do so online. With a little bit of research and foresight pets, digital and monetary assets can be secured for future generations with little worry about federal estate taxes.