About 68 percent of Americans lack a valid will! Of that very large group, most have never even created an estate plan or made plans for their legacy. Others have old wills that have not been updated to account for family births or deaths; divorces; stepchildren; ex-spouses; business partnerships; the sale of real estate; income changes, etc.
Estate planning is creating a clear, comprehensive plan for the transfer of your assets, after your death, to the people or organizations you love.
Assets include real estate, vehicles, personal property; brokerage, bank, insurance and retirement accounts; business interests, and more. Whether you are married with children or single with no dependents, a trust and will ensures that you, not the state, get to choose what happens to your assets.
35% of adults in the U.S. say they or someone they know experienced familial conflict because an estate plan or will was not put in place.²
From Caring.com and AARP:
¹Cambridge Trust ²WealthCounsel ³LegalZoom °Trust & Will °°Age Wave/Merrill †SeniorLiving.org
Bequest Intentions and Race — PDF Download (Jennifer Lehman, JD, PhD & Russell James, JD, PhD, CFP)