Estate plans are for people of all income levels. However, it is particularly important for high-net-worth people to make estate administration plans in New York. Unfortunately, it turns out that many with a large amount of assets may not have adequate estate plans in place.
A recent survey has shown that over one-third of families with a high net worth have not taken the most basic precautions to protect their estate and ensure intended beneficiaries are taken care of and provided for. Thirty-eight percent of those with more than $1 million of investable assets do not have an expertly designed estate plan, according to the recent survey. The survey polled 750 millionaires about their plans for estate administration.
The survey also found that those millionaires with significantly more money are more likely to be proactive in their estate planning. It turns out that those with $5 million or more were more likely to have an expertly designed estate plan. This accounted for 68 percent of those millionaires in this category, compared to only 61 percent of those with assets ranging between $1 million and $5 million who have adequately prepared estate plans.
Lack of proper planning for estate administration can result in intended beneficiaries not being able to receive assets from one’s estate in New York. Therefore, no matter what income bracket or how large one’s estate, it is essential to have the proper legal and financial instruments in place in order to protect one’s family in the case of something unexpected happening. However, each person’s estate plan should be customized to fit his or her specific circumstances and goals.
Source: cnbc.com, “Wealthy suffer from ‘estate-planning fatigue’“, Shelly Schwartz, June 29, 2015
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