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Most Americans don’t have long-term plans in place

by | Oct 8, 2022 | Estate Planning

It can be difficult and even intimidating to plan for the future after one’s death or in case of incapacitation. This is one of the many reasons why Nevada adults avoid the estate planning process, but by doing this, they are leaving certain aspects of their futures to chance. Studies find that the majority of Americans do not have critical legal and financial documents that will provide long-term protection. 

Facing the future with confidence 

One of the primary benefits of having a complete estate plan is the confidence that comes with knowing one’s interests are secure. Despite this benefit, studies find that only one in three Americans has an estate plan. Among those who have an estate plan, around 20% have not updated it within the last five years. The study found that approximately 72% of women do not have an estate plan.  

Just one-third of Americans have a health care power of attorney. This means that most adults do not have medical plans in place that will appoint someone to act on their behalf or make important decisions for them in case of incapacitation. Lacking an estate plan may cause issues for loved ones as they try to settle the estate of their family member. 

Where should one start? 

It is not always easy to know where to start with creating an estate plan. Instead of putting this process off, it may help to simply discuss concerns with an experienced Nevada attorney. Seeking guidance may prove beneficial as one considers the specific protections needed to include in an estate plan.