It’s understandable that people procrastinate when it comes to getting a Last Will and Testament and other estate planning documents like powers of attorney. Who wants to think of “end of life” concerns.
Interestingly, the fact that a person has lots of assets apparently has little to do with a person’s motivation to take care of such matters.
Last year a survey of very wealthy people revealed that almost 50% of such multi-millionaires had no will!
The consequences of such inactivity can be very damaging indeed. Unnecessary estate taxes, squandered inheritances with children unprepared to deal with sudden wealth and failure to provide for deserving others.
It is simple negligence to “put off” what you know needs – and should – be done. Not being “very wealthy” is no excuse.
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