According to a research study from 2015, just slightly more than half of American parents have a living trust or valid will document. Even more troubling is the fact that the majority of adult children wouldn’t know where to locate these documents if they needed to find them. There are several reasons why adults today do not have access to these critical estate planning documents. First of all, most people are not planning for their own mortality.
Cost, too, may also be a factor but this is because many people do not realize how affordable it is to obtain a living trust or a will from an experienced attorney as well as the long terms implication of protecting yourself and your future by doing so. It is important to have a will and a living trust to outline your wishes and to make things easier for your loved ones if something were to happen to you. Even more important than developing a relationship with an estate planning attorney for this purpose is to make sure that your loved ones know where to find this document if something does happen to you.
Keeping a copy at your attorney’s office is a good idea but you may also wish to use a safe deposit box or secure online storage location so that your family members can have access to these materials if they needed. Planning ahead for the future is important whether you choose to use a living trust, a will or other combination of documents. Setting up a meeting today with an estate planning attorney can help you figure out what is most appropriate for your situation and to put together a comprehensive plan to accomplish your goals.