What happens to your family if you don’t have an estate plan?
By AnnMichelle G. Hart, Esq.
December 3, 2021
I’m Ann Hart, HartLaw PLLC, HartLaw PLLC. I’m an estate planning attorney in Washington State.
Let’s look at some statistics of what everyday people experienced when their loved one passed away without an estate plan.
59% ended up covering the funeral expenses of the loved one
32% encountered severe strains and disputes with family
27% ended up covering their loved one’s medical debts and obligations
26% ended up covering legal expenses of the loved one
25% ended up covering taking time off from work to handle all of the loved one’s financial issues
19% ended up covering tax obligations of the loved one
If those haven’t motivated you yet, here’s what your peers are saying:
60% of those who have a plan had already managed the affairs of a loved one who passed away. They learned the hard way why an estate plan is necessary after managing the affairs of one who didn’t have a plan.
73% are concerned people in their family won’t have the information they need to make an end-of-life decision for them should the need arise
80% agree that everyone should have an end-of-life plan
2 out of 3 people disagree that estate planning is only for the rich
70% agree that everyone should prepare before age 60. The decade of your 60’s marks where death by natural causes begins to rise.
73% are motivated to complete their estate plan because of their age
49% of those who currently have a plan are 55+ (that means that 51% of people who have already done their estate plan are younger than 55!!)
43% say they will create a plan in the next 3 years
Don’t wait three years. No one knows when their end will come. This life we live is temporary. As one of my favorite artist sings: “No one gets out of here alive.” So live now. Plan now. Call me to start your custom estate plan today.
I’m Ann Hart, HartLaw PLLC, your estate planning attorney with heart.