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Over half of American adults have not engaged in estate planning

A lack of financial literacy and awareness remains a huge social problem in Florida and other states. This is evidenced by the fact that more than 50 percent of the adult population in America do not have estate plans, including wills and trusts, in order. However, the month of October happens to be National Estate Planning Awareness Month, so it is an ideal time for people to start thinking about their estate plans.

A large number of people are, unfortunately, about to run out of money before they reach their life expectancy. Furthermore, many families are burdened with huge student loan debt amounts as well as other types of debt. To make matters worse, so many Americans do not have updated estate plans designed to protect them and their loved ones financially long-term. Up-to-date estate planning can help to fix this major problem for the sake of an individual as well as future generations.

Recent research shows that many adults wish to become more literate when it comes to their finances and estate plans. However, they tend to seek out information inside their social networks alone. This means they are making serious life decisions using information that they have gained from fragmented sources and non-experts.

Without well-thought-out estate plans, people cannot dictate what happens to their assets when they die. This not only means that their personal wishes may go unfulfilled after they pass away but also it may lead to infighting among their family members after their deaths. Proper legal guidance can help people in Florida to protect their assets and preserve their family members' relationships through detailed estate planning.

Source: wealthmanagement.com, "More Than Half of American Adults Are Living Without an Estate Plan", Anna Sulkin, Oct. 10, 2016

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