| If you haven't taken the time to prepare | | | | of sentimental value." |
| your estate plan, you're not alone. | | | | Another reason why many people |
| According to a survey conducted by | | | | procrastinate when it comes to estate |
| FindLaw.com, a whopping 55% of Americans | | | | planning is their feeling that they |
| haven't even taken the time to have a | | | | don't have enough money to bother with |
| will prepared, and 67% don't have a | | | | an estate plan. However, as Attorney |
| living will in case they become | | | | Berman is quick to point out, "estate |
| incapacitated or terminally ill. | | | | planning is not just about money. In |
| But that's not all! The survey also | | | | fact, it's about taking care of your |
| found that even those who did have a | | | | loved one's needs in the event you can't |
| will generally did not keep it updated. | | | | do it on your own. Money is often a |
| In fact, nearly 40% said they had not | | | | means to an end, but the end is often |
| updated their will within the last five | | | | the well-being of loved ones." That's |
| years. | | | | the "legacy" that seems to motivate most |
| It's not as though people are unaware of | | | | people when it comes to estate planning. |
| the need to plan their estates. Estate | | | | If we are to learn anything from the |
| planners and many other professionals | | | | Allianz American Legacies Study, it |
| have preached the need for wills, and | | | | would seem to be that estate planners |
| other estate planning documents for | | | | should direct their efforts toward |
| years. Most recently, the Terri Schiavo | | | | "legacy" planning rather than |
| case brought the issue of living wills | | | | "inheritance" planning. Unfortunately, |
| to national prominence. Yet, despite the | | | | most estate planners spend their time |
| brief surge in demand for living wills | | | | learning about the intracacies of the |
| and other estate planning documents | | | | estate tax laws and the probate laws |
| during that time, most Americans seem to | | | | when they should be learning about |
| have lapsed back into complacency about | | | | assessing a client's attitudes about |
| planning for their incapacity or death. | | | | family traditions and history, about |
| "That, in itself, may be the problem," | | | | sharing stories, and about their values |
| says Attorney Alan H. Berman of | | | | and wishes. Not that the estate tax laws |
| Hartford, Connecticut. People don't like | | | | aren't important, because they are. It's |
| talking about death and dying, | | | | just that they're not going to motivate |
| especially when they're talking about | | | | many people who just don't care about |
| themselves or their loved ones." | | | | such things. |
| Attorney Berman says that many of his | | | | That seems to be in accord with the |
| clients put off having a will prepared | | | | findings of the Allianz American |
| until the very last minute. "I get a lot | | | | Legacies Study. In that study, it was |
| of calls just before they have to get on | | | | found that "[t]he top qualities both |
| an airplane," he says. "Then they know | | | | generations look for in a legacy advisor |
| they can't put it off any longer." | | | | are honesty, trustworthiness, |
| Death and dying are nobody's favorite | | | | compassion, a good listener and a strong |
| topics, to be sure. But, there seems to | | | | and clear communicator." |
| be more to it than that. The Allianz | | | | So there you have it! If you haven't |
| American Legacies Study, which was | | | | taken the time to have your estate |
| sponsored by the Allianz Life Insurance | | | | planning done, it may be because your |
| Company, surveyed 2,627 people of all | | | | focus was on money. Instead, try |
| age groups "to identify how they define | | | | focusing on your family and all the |
| leaving a legacy and how families are | | | | things that you love and cherish. You |
| communicating about these sensitive | | | | might find that you're suddenly anxious |
| issues today." | | | | to find a legacy advisor that will make |
| One of the interesting - and, probably, | | | | your estate planning experience a very |
| most revealing - facts to come out of | | | | memorable one. You're family will love |
| the Allianz American Legacies Study was | | | | you all the more for it. |
| this - seniors and baby boomers both | | | | Just one more thing! According to the |
| ranked money last on their list of | | | | Allianz American Legacies Study, it is |
| important estate planning issues. Ranked | | | | estimated by Paul Schervish and John J. |
| ahead of money was the idea of leaving a | | | | Havens of the Boston College Center on |
| legacy which, according to the study, | | | | Wealth and Philanthropy that $41 |
| "captures all facets of an individual's | | | | trillion is set to be willed, passed on, |
| life - including their family traditions | | | | and/or left to others over the next 50 |
| and history, sharing stories, values and | | | | years. So, even though we don't like to |
| wishes." | | | | talk about it, it is an integral part of |
| Attorney Berman agrees with the | | | | everyone's estate planning. |
| assessment of the Allianz American | | | | Attorney Michael Pancheri is the founder |
| Legacies Study. "From my experience," he | | | | and CEO of the Living Trust Network. You |
| says, "people seem to clam up as soon as | | | | may contact him by email at |
| you start talking about money. They'd | | | | You may also contact him at the Living |
| rather talk about their family history | | | | Trust Network's web site. Its URL is |
| or certain mementos - prized personal | | | | Copyright 2005. The Living Trust |
| possessions that might not have a lot of | | | | Network, LLC. |
| monetary value but certainly have a lot | | | | |