If you stop and think about the fact that about half of all Americans do not have an estate plan, you probably immediately assume that the half without an estate plan is composed largely of people with very little income or assets. While many of those people may not have an estate plan, a recent survey indicates that even people with significant assets and income also are often guilty of procrastinating when it comes to estate planning.
The survey questioned investors about estate planning. Surprisingly, over 20 percent of these investors did not have an estate plan. Furthermore, over 60 percent of investors under the age of 60 did not have an estate plan.
Along with age, knowledge, sex of the investor and net worth also appear to impact whether or not an investor has an estate plan. Female investors were slightly less likely than males to have a plan. Investors who described themselves as having a significant amount of knowledge about financial matters were also far more likely to have an estate plan then those who said they had little knowledge. Finally, investors who had more than $100,000 to invest were also less likely to procrastinate when it came to estate planning.
If you are one of those who has put off estate planning, isn’t now a good time to quit procrastinating? This is particularly true if you are an investor. Although you may only have a small amount of money to invest today, that small investment could turn a huge profit virtually overnight. More importantly, there are numerous other reasons why an estate plan is important such as appointing a guardian for minor children or creating an incapacity plan.
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