Posted By: Christopher M. Unger
Practice Area: Estate Planning
According to a new
survey out yesterday from Caring.com, only half of all American parents have an
Estate plan or a Will. The survey further revealed that of those who do have a Will
or other Estate planning document, only 40 percent of those people had updated
their Will in the last five years.
The survey also asked
adult children if they knew if their parents had an Estate plan, where the Will
was kept, and if the children know the contents of the Will. The survey found
that more than half of the children surveyed did not know where the Will was or
what it said.
As Andy Cohen, CEO of
Caring.com, pointed out, this is a very difficult discussion for families to
have, but nonetheless it is an important discussion. Taking the time to create
an effective Estate plan now can save time and money, and can adequately address
difficult questions before they arise.
While this new survey
underscores the importance of having a Will or Estate plan it also highlights
some issues for individuals who may already have an Estate plan. It is
important that an individual’s Estate plan be kept up to date. As one’s life grows
and evolves, these changes can have an impact on the Estes plan. Common life occurrences,
such as marriage, divorce, change in jobs, large purchases (like a house or a
car), birth of a child or grandchild, or moving from one state to another, can
effect an Estate plan. An Estate plan must be updated to reflect these changes
in circumstances.
The survey also shows
the importance of fighting through the awkwardness and discomfort and having
the hard conversation. It is important to discuss Estate planning with your
family and loved ones. Adult children should know if their parents have a Will
and where the Will is located. Knowing where the Will is can eliminate the time
and expense spent searching for the Will in the difficult days after a loved
one passes.
An attorney can help
to facilitate the difficult conversation and ask questions to facilitate this
process. The attorneys at Mountain West
Business Law, P.C. can help draft and set up an effective Estate plan, keep
the Estate plan up to date, or review and update existing Estate plans.
Read the Article
from 9News: http://www.9news.com/story/news/2015/04/22/american-parents-will-living-testament/26173605/
