Estate planning is critical for securing your family’s future, yet it’s often overlooked. A recent New York Post article highlights a surprising trend among American couples, including in New York City and Westchester County. In a survey of 1,500 high-income American couples, predominantly aged between 45-70, a staggering 52% confessed that they have not engaged in any form of estate planning.
Understanding the hesitation
What could be holding back financially sophisticated people from establishing their estate plans? Two factors could be in play.
- Lack of communication: Couples may find it challenging to initiate discussions about wealth distribution, which can delay the estate planning process.
- Agreement on bequests: About 24% of couples have not agreed on the amounts to leave for their children and grandchildren, underscoring the need for clear communication to reach compromises on these vital questions.
The importance of estate planning
While it’s easy to postpone thinking about the future, estate planning is indispensable for several reasons:
- Protects your assets: Ensuring your assets are distributed according to your wishes.
- Provides for your family: Helps to avoid unnecessary stress for loved ones during difficult times.
- Saves on taxes: Proper planning can minimize taxes and legal fees.
A path to clarity
For New York City couples and those in surrounding communities, it’s never too late to address estate planning. A conversation with an estate planning lawyer can not only offer peace of mind but also help clarify how to navigate these sensitive issues together. By taking action now, couples can ensure their legacy is preserved and their loved ones are taken care of according to their exact wishes. Many firms offer customized, flat-fee estate planning packages.