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