Each year, Caring.com questions people about their estate planning preparedness or lack thereof, and they have completed their 2024 study. In this post, we will share some of the results, and they paint a compelling picture.
No Improvement
One trend is very persistent year after year: there is never any significant improvement. For the last three years, right around one-third of people in the United States had wills or trusts. This means that two out of every three adults would die intestate if they passed away today.
The Problems With Intestacy
Intestacy is not a very desirable outcome to say the least. The Surrogate’s Court would be called upon to supervise during the estate administration process, and an administrator would be appointed. Final debts will be paid, and people with claims to the estate can come forward.
At the end of the process, which will take close to a year, the assets will be distributed under the intestate succession laws of the state (in our case, New York). Under these circumstances, the true wishes of the decedent may not be carried out.
In some rare instances, no blood relative can be found after someone dies intestate. Back in 2012, a New Yorker named Roman Blum died intestate with a $40 million estate. No relative could be located, so the state has been holding the money under escheat laws.
Reasons Given
The people that did not have estate plans in place were asked why they were frozen with inaction, and 40 percent said they hadn’t gotten around to it. Procrastination is common, but you are risking the well-being of your family if you roll the dice without an estate plan.
One-third of the folks that participated stated that they did not have plans because the cupboard was bare. Thirteen percent were under the impression that it was too expensive to create an estate plan, and 12 percent said they did not know how to proceed.
With the exception of the people that simply have nothing to pass along, these other reasons are not valid. You probably don’t know how to repair your car, but you do not scrap it if it does not start. All it takes is a simple call to a mechanic and you will be able to get it fixed.
The same logic applies to estate planning because qualified assistance is just a phone call away. With regard to the expense factor, in the long run, a properly constructed estate plan will save your family money.
Estate Plan Basics
Estate planning does not have to be cloaked in mystery. Each case is different, and there is no one-size-fits-all plan that is right for everyone. At the same time, there is a basic structure that is universally applicable.
First, you have to facilitate postmortem asset transfers. A revocable living trust is the best choice for many if not most people because of the efficient estate administration. You would be the trustee while you are alive if you establish a living trust, so there is no loss of control.
After your passing, the trustee that you name to succeed you would distribute the assets to the beneficiaries in accordance with your wishes. The court would not be involved, so the costly and time-consuming probate process would be avoided.
This is one possible asset transfer method, but of course, there are others. The right choice will depend on the circumstances, and this is why you should discuss your options with an estate planning lawyer.
Incapacity Planning
Incapacity planning is the other major component. If you have a living trust, you can name a disability trustee to administer the trust if you become incapacitated. To account for the management of property that is not in a trust, you can name an agent in a durable power of attorney.
A living will should be included to assert your life-support preferences. You should have a durable power of attorney for health care to name someone to make medical decisions for you that are not related to life-support utilization.
HIPAA regulations prevent doctors from sharing healthcare information with anyone other than the patient. With this in mind, your incapacity plan should include a HIPAA release.
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