Ideal Real Estate,LLC

Ha! Happy Friday!

Via CNBC By the Numbers: Estate planning

ICYMI, we’re in the middle of National Estate Planning Awareness Week, so, naturally, we wanted to look at the stats behind all things — think things like trusts and wills. You know, the important money stuff you’re likely holding off on addressing.

In fact, only 36% of Americans have a will, trust or advanced healthcare directive, per Talker Research. Among them, most did it for peace of mind (52%), followed by protecting their assets (48%), caring for their children (44%) and avoiding probate (36%).

Here’s who’s working on an estate plan and their motivations behind doing so. Interestingly enough, not everyone is triggered by the same thing.

💰 30.8% 💰
The primary reason, at 30.8%, that Americans haven’t made an estate plan is that they don’t believe they have enough assets to justify creating one, according to a Trust & Will report. Other drivers include simply procrastination (29.7%), not even knowing where to begin with the process (27.4%) and cost (24.8%).

📜 $300 to $1,000 📜
Estate planning costs vary widely, depending on what your needs are and where you live. LegalZoom puts the average cost for a standard last will and testament between $300 and $1,000. For more complex estates and those that are comprehensive, like involving setting up a trust, they can cost anywhere from $2,000 to $5,000+.

🏠 $250,000 to $499,999 🏠
Higher-income households (those earning $250,000 to $499,999) are nearly twice as likely to create estate plans after major life events — the birth of a child (36%), marriage (33%) and buying a home (18%), per Trust & Will. For affluent individuals, estate planning is a key part of managing long-term wealth.

🏥 Under $25,000 🏥
Lower-income households (those earning under $25,000) are more likely to be influenced to create an estate plan by the death of a loved one (31%) and health scares (28%), per Trust & Will. For less affluent individuals, estate planning is more of a reaction to life events than a deliberate financial strategy.

Ha! It’s always a beautiful moment. 🏡