Do Not Let Your Clients Become a Statistic

You spend countless hours helping clients establish a solid financial plan for the future,
so why not take the time to tell them about the benefits of creating an estate plan to
align with their financial plan? As a trusted advisor to your clients, we are confident that
you do not want to see them become a statistic because of a lack of planning.

Most People Do Not Have a Will or Trust
Only one in three Americans have a will or trust. This statistic is not surprising due to
the amount of misinformation and fear around establishing an estate plan. One in three
Americans who do not have a will or trust believe they do not have enough money or
property to justify having an estate plan. The belief that estate planning is only for the
wealthy is just one reason people put off planning; other reasons include being too
busy, viewing it as too complicated or expensive, or fear of discussing death.

It Is Not Always Known if Someone Has an Estate Plan
Some people may not see the point in discussing death with their loved ones, but
having this difficult discussion can serve several purposes. Surprisingly, 52 percent of
people do not know where their parents keep their estate planning documents, and only
46 percent of will executors are aware that they are named in someone’s will. It is
important that your clients tell their loved ones where they store their important legal
documents, as loved ones may need to access original legal documents for multiple
reasons. Additionally, when establishing a plan, your clients must tell the individuals
named in their documents that they have been chosen to serve in these roles. These
discussions should focus on what their responsibilities are and highlight the client’s
wishes. Here at Strauss Attorneys, we offer to host family meetings after an estate plan
is created to educate the individuals named in the client’s plan on the role they will play.

Conflicts Are Common
According to a survey conducted by LegalShield, 58 percent of adults in the United
States say they or someone they know have experienced familial conflicts due to not
having an estate plan or a will. Conflicts can arise from a lack of proper planning. Often
these conflicts are related to arguments over how assets should be distributed after a
loved one’s passing. Here at Strauss Attorneys we spend a significant amount of time
making sure that your clients’ plan will reduce, as much as possible, family conflicts and
disagreements that could ultimately end in estrangement.

Now Is the Right Time for Your Clients to Plan
Proper planning has always been important. American retirees expect to transfer more
than $36 trillion to their families, friends, nonprofits, and additional beneficiaries over the
next 30 years. This figure indicates an increased need to have a comprehensive
financial and estate plan. You can help benefit your clients by assisting them in creating
their financial plan and encouraging them to avoid the estate planning statistics. If you
or your clients have any questions about creating or updating an estate plan, please
reach out to us.