Basically:
- Can’t find an advisor they trust
- Confused on the basics (i.e., difference between trust and will)
- Think they aren’t wealthy enough to need estate planning
- Don’t want to think about death
From WealthCounsel’s recent inaugural Estate Planning Awareness Survey:
We’re encouraged that nearly half (46%) of Americans say they’re interested
in learning more about estate planning.
But doing so won’t necessarily be easy, as respondents identify a number of
hurdles related to taking the next step toward creating an estate plan. The first is
one we cited earlier: More than half (53%) say it’s difficult to find an advisor they
trust to create a plan. As a result, only 10% of those without a will or trust have
spoken with an attorney or other professional.
Another meaningful hurdle is the uncertainty about which planning tool — a trust
or a will — is most effective. Respondents are nearly split down the middle on
this point: Forty-seven percent consider a trust to be the better planning option,
meaning that 53% believe that a will would best do the job.
Of the 43% of Americans without a will or trust in place, only about one-quarter
(27%) have at least talked with their families about setting up an estate plan.
Several factors have dissuaded the 43% from even beginning to address it:
• More than one-third (37%) say they haven’t discussed the topic with their
families because they don’t believe they have sufficient assets or valuables.
• Another 29% say they aren’t wealthy enough to think about it.
• One-quarter of respondents haven’t spoken to their families about a plan
because they don’t like to talk or think about their own death.
