Many people do not place a priority on the creation of an estate plan, yet this kind of preparation is beneficial in nearly all situations. A recent Forbes article cited a survey that revealed that 51% of Americans ages 55 to 64 do not have wills. When asked about their reasons for having no will, those surveyed responded as follows:
- 57% said they just haven’t gotten around to making one
- 22% felt that making a will wasn’t urgent
- 17% didn’t think they needed a will
- 14% don’t have a will because they don’t want to think about death
The biggest mistakes a person can make in estate planning are improper planning or failure to plan at all. What is telling about this survey is that most of the respondents didn’t create a will because they failed to understand what an estate plan could do for them.
At MH, we are concerned that so many people fail to see the importance of a properly crafted estate plan. Estate planning is for everyone. No matter your age, your financial situation, or your marital status, you will want to plan for the eventuality of your death. None of us can escape death and it can come at any time. Failure to recognize the importance of an estate plan doesn’t alleviate risk to your estate.
Our attorneys are available to discuss the benefits of an estate plan tailored to fit your needs. MH provides free consultations to inform you of the options and benefits available to you.
Contributed by MH Phoenix Estate Planning Attorney Darren Richardson.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100’s of years of combined experience ensuring that families’ assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Cave Creek, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.