A study released by the National Bureau of Economic Research (NBER) in October 2015 found that 30 percent of participants over the age of 70 didn’t have a will. The psychology of wills and estate planning is vast and complex, and not dissimilar to why some people
don’t purchase life insurance. It’s simply too overwhelming to face our own mortality and how it might affect our family.
However, dying without a will may add additional stress to your family, because your assets will then be determined through probate by the court of law. If you don’t have any family, your property may even go to the state, to be sold off and proceeds applied to public programs. But more likely, extensive efforts will be made to find distant family members you may have never met.
When it comes down to complex, modern families, the NBER study revealed a few interesting facts. For example:1
Keep in mind that without a will, children and adopted children inherit equally; however, stepchildren who were never adopted legally will receive nothing.
1 Isabella Bank. March 2016. “Inequality of Inheritances.” Accessed June, 1 2016.
It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.
Strategic Wealth Designers, LLC is a Registered Investment Advisor in the states of Kentucky and Indiana. Matt Dicken, Dustin Stanley and Jordan Schwartz are Investment Advisory Representatives affiliated with Strategic Wealth Designers, LLC. The advisors may not transact business in states where they are not appropriately registered, excluded or exempted from registration. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without registration or exemption.
*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.
The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report you may be provided with information regarding the purchase of insurance and investment products in the future.