Is Estate Planning Only For the Rich?

How Many Families Have an Asset Protection Plan?

Society has a myth that estate plans are only for the wealthy, which cannot be further from the truth. However, even if that statement were fact, not even “rich” people keep up with their estate plans as well as they should.

According to a recent survey conducted by a leading professional services firm, a large majority of wealthy families who employ their own financial management service have out-of-date estate plans.

That information is nothing short of shocking. If you have a financial firm at your disposal, why would anyone not keep an up-to-date estate plan? The survey mentions that over 75 percent of those estate plans were over three years old, even though 95 percent of the wealthy families surveyed had experienced “significant life changes” during that time period.

Creating an Estate Plan Regardless of Net Worth

Creating an estate plan is the first step in protecting your assets, but keeping those documents up to date with every life change that happens may be the most important part of protecting your assets. What good is an estate plan if the beneficiaries have passed away or the trust administrator is no longer around? Keeping your documents up to date is crucial when protecting your assets.

The survey also revealed most wealthy families did not have a formal asset protection plan (53 percent) while more than half have dealt with a divorce or lawsuits during the recent past. If you have an estate plan that needs to be reviewed or want to make the first step in protecting your assets, contact Elder Law Services of California at (800) 403-6078 for a FREE phone consultation today. Our team looks forward to working with you.

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Related Questions
  • Is the estate planning process the same for large and small estates?
  • Is estate planning just for the wealthy?
  • At what net worth do I need a trust?
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