Do Not Delay Planning Your Estate
In a recent study, only 26 percent of 3,105 wealthy individuals in the survey had even tried to completely plan their estate to get their wealth to the next generation. Furthermore, only 54 percent had even created a will, much less a trust, but most had not updated them. Thus, $1.5 trillion of the $3.2 trillion to be inherited is without direction as it goes to the next generation.
Possibly, people avoid planning their estate plan because they are not sure what they want to do with their wealth. However, more likely the cause is simple procrastination or not wanting to face their mortality.
Other than simply doing it, another important part of a good estate plan is to communicate with your beneficiaries the facts so that they can to prepare for an inheritance. The earlier in life these conversations take place, the easier the transfer of wealth will be.
A good article on this topic has been written by Sonia Talati and is found at http://blogs.barrons.com/penta/2017/02/10/dont-delay-planning-your-estate/.
By Kevin Staker