Surprisingly, a recent report shows that a third of all millionaires do not have an estate plan. The problems this creates are part of the legacy they leave to their heirs.
People who have very few assets and who are comfortable with those assets being passed on to their closest living relatives may not have a need to create a detailed estate plan. However, it is advisable that everyone have an estate plan of some sort, especially when considering family harmony after one’s passing.
While their estates would be much easier to manage with a plan and they would be doing their families a big favor by creating an estate plan, their estates can normally be handled successfully without one.
On the other hand, all that changes when people have a lot of assets.
If the wealthy pass away without an estate plan, chaos is often the result. The courts have to decide who gets what. Families are likely to argue when there are a lot of assets involved.
The probate case can drag on for years before it is finally settled.
Despite this, Financial Advisor IQ reports that many millionaires do not have an estate plan in an article titled “One-Third of Millionaires Have No Estate Plan.”
There is no good excuse for a millionaire not to always have an up-to-date estate plan.
If you are one of those who do not have one, you should schedule an appointment with an experienced estate planning attorney as soon as possible.
The time that you take to create the estate plan now is time that you will save your heirs later.
Reference: Financial Advisor IQ (July 2, 2015) “One-Third of Millionaires Have No Estate Plan.”
For more information on asset preservation and estate planning, please visit my estate planning website.