While Americans have definitely paid more attention to estate planning in the last several years, not enough are yet taking estate planning as seriously as they should. According to WealthManagement.com citing a survey from Caring.com, only slightly over 40 percent of Americans have estate planning documents in place. The number of those individuals that have a healthcare power of attorney document in place is even lower. It is critical for all Americans to consider comprehensive estate planning as an important part of aging and responsible financial planning. It’s also important to remember that effective estate planning doesn’t end at the creation of an estate plan, but also includes modifying that plan as your individual circumstances may dictate.
Planning in Politically Volatile Times
The last year has seen a great deal of political turmoil both here in the United States and in countries around the world. Regardless of how you may feel about these events, they may have a serious impact on your estate planning. One such event is the United Kingdom’s successful referendum to leave the European Union. Many retirement investment accounts were affected or even frozen because of the decision to leave the European Union, and many investors are still trying to figure out how to cope with these changes. If you have assets that could be affected by these types of political changes, it is important to work with a financial planner as well as an estate planning attorney to make sure that your estate plan accounts for these changes.