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