Many In Or Nearing Retirement Facing Estate Planning Difficulties

Important things aren’t always simple. This can certainly be the case when it comes to estate planning.

Estate planning allows a person to keep their wishes at the helm when it comes to important matters regarding things like their assets when incapacity or death occurs. So, it can be a critical part of a person maintaining the level of control they want regarding the future.

However, this type of planning can also get complex. A variety of things can contribute to this, including: a person having a wide range of different types of assets, complicated family dynamics, the wide range of different approaches that can be taken in such planning, the various rules regarding the different estate planning documents (like wills and trusts) and issues with getting one’s wishes properly matched with the right estate planning devices. So, a person could encounter difficulties in relation to estate planning.

A recent survey indicates that finding estate planning to be hard is rather common among those nearing or in retirement. A poll was conducted of over 5,000 adults. The survey oversampled for certain groups (including the wealthy).

The survey results indicate that over a quarter (26 percent) of individuals who are in retirement or who are nearing it reported that they found estate planning to be very or somewhat difficult. This was up from the previous year, in which the percentage was only at 24 percent. So, it appears that having difficulties with estate planning is getting increasingly common among individuals at this stage of life.

Now, estate planning difficulties are not something those in or nearing retirement have to try to overcome all by themselves. They can turn to the help of professionals when it comes to these matters. They may find the guidance of a skilled estate planning lawyer particularly helpful. Such attorneys can advise them throughout the process of forming and updating an estate plan.

Source: Forbes, “Retirement Planning, Estate Planning And Investing: All Struggles,” Richard Eisenberg, Oct. 27, 2016

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