[I can’t call them “simple” wills because the problems they create are not so simple.]
According to WealthCounsel’s recent inaugural Estate Planning Awareness Survey, a shocking 61% of Americans are satisfied that a stupid will is all the estate planning they need, yet three quarters (74%) of Americans admit they are confused by estate planning:
Based on the survey results, it’s fair to say that Americans are confused about estate planning: Three-quarters of respondents (74%), in fact, answer affirmatively when asked whether estate planning is a confusing topic.
Some of this relates to the erroneous belief, shared by half of respondents, that estate planning is only for the wealthiest people. Forty-seven percent think that estate planning is primarily for those who are most prosperous, while 49% say their assets aren’t worth enough for them to even consider having an estate plan. And only 3% mention the word “trust” — a fundamental planning tool for all that, typically, is associated with the wealthy — when asked what estate planning means.
As a result of these misconceptions, 61% say that a will is enough to meet their
estate-related needs.
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