Many people in California realize they need to plan for their future, but that doesn’t always mean they will go through the process. Thinking about one’s end of life can be particularly difficult or even unpleasant to imagine. A recent survey conducted by Wells Fargo and Gallup found some promising results in this area in regards to estate planning, but analysts say the findings show that far too many people are not prepared for the ends of their lives.
Forty-five percent of survey respondents, which includes investors at multiple levels, say that they do not have any type of estate planning in place, not even a simple will. While a comprehensive estate plan is important, 65% of respondents admit that they haven’t really even discussed their wishes for their estate and assets with their families. The bright spot is that just over a third have a written will and 17% have both a will and an estate plan.
Many respondents admit that they do not like the thought of having these types of conversations with their loved ones, with 38% of them showing hesitation to even broach the subject. This is especially concerning as 35% of respondents have specific wishes for the distribution of their assets and estate. Interestingly, investors at higher income levels were no better at having an estate plan in place than those at lower levels.
Though talking about estate planning can be difficult for many people, it is still an important subject. Perhaps the conversation may be easier after speaking with an estate planning attorney here in California. An attorney with a wealth of knowledge on this subject can assist with the entire process, giving estate owners confidence in their choices and the future of their loved ones.