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10 Things You Didn’t Know That Highlight the Importance of Starting Your Estate Plan
by Adam Zuckerman for Buried in Work
The worldwide demographic landscape is undergoing a significant transformation, particularly in the age composition of the population. In 2017, there were 962 million individuals worldwide who were 60 years old or older. This figure is expected to increase dramatically, reaching approximately 2.1 billion by the year 2050, effectively doubling the older population. Similarly, in the United States, the population of older adults is anticipated to double by the year 2030 with 10,00 older adults turning 65 every day. Are your affairs in order?
Lack of Estate Plans: A significant 67% of Americans die without a will or estate plan, underscoring the widespread absence of estate planning. – Advance Capital Management
Update Needs: About 71.6% of Americans do not have an up-to-date will, indicating the necessity of regular reviews and updates to estate plans. – Advance Capital Management
Older Adults with Wills: Only 50% of Americans over age 65 have up-to-date wills, suggesting a need for increased awareness and action among older populations. – Advance Capital Management
Healthcare Directives: Just 41% of people aged 55 and older have an advance healthcare directive or healthcare proxy, a crucial component of estate planning. – Advance Capital Management
Power of Attorney: Only 33% of individuals in the same age group have a durable power of attorney, which is essential for managing affairs in case of incapacitation. – Advance Capital Management
Comprehensive Planning: Only 18% of people aged 55 and older have a will, advance healthcare directive, and durable power of attorney in place, all of which are key elements of a comprehensive estate plan. – Bank of America
Probate Court Costs: The probate court process can cost between 3-8% of the estate’s assets, encompassing various fees. This can be a substantial financial burden that estate planning can help to avoid. – Financial Samurai
Probate Duration: An average modest estate can take 6 months to 2 years to get through the probate process, which can be a lengthy and stressful ordeal for families. – Financial Samurai
Family Conflict: Around 35% of Americans have either experienced or know someone who has experienced family conflict as a result of not having an estate plan or comprehensive will. – The Wealth Advisor
Peace of Mind: A significant 71% of Americans say that having a well-thought-out estate plan would help them feel like a good spouse or parent, highlighting the emotional and familial benefits of estate planning. – The Wealth Advisor
Bonus Fact! Buried in Work’s Estate Preparation Package makes organizing the most important information about your estate and end-of-life plans easy.
About Buried in Work: We have a clear objective – To simplify the burden surrounding estate planning, when someone dies, and estate transition. Whether you’re a do-it-yourselfer looking for information or someone who is looking for a guided fill-in-the-blanks approach, Buried in Work is here to help. Resources are available at www.buriedinwork.com.