Many individuals in America are notoriously interested in avoiding talking about estate planning. A new study revealed that in 2015, while up to 70% of Americans have said they considered writing a will, just over 30% will actually follow through on that process.
A further 95% of individuals in the United States admitted that they don’t plan appropriately for the management of their estates due to lack of key financial tools and knowledge. There are several important components that estate planning professionals strongly recommend for anyone approaching this process.
First of all, you need to know who will take care of your estate. Identifying someone who has experience doing this and who is comfortable doing this is strongly recommended to minimize your own concerns about the process. You also need to have a flexible vision. Bear in mind that state and federal laws may evolve over the course of time. Likewise, the needs within your individual life may also change as well.
Being able to be flexible by having a relationship with an experienced estate planning attorney can help make this process easier. In the event that you choose to set up trust, it is important to fund them. Many people will establish a revocable living trust and then fail to fund it which could be a big mistake in the estate planning world. Consulting with a knowledgeable estate planning attorney can make it easier to identify which estate planning tools and strategies are most in line with your unique needs and how those can change over time.