Much has been written, here and elsewhere, about the need to create and maintain a thoughtful drafted estate plan. That said, the reality is that many in New Jersey and across the nation will not address this important need, and their heirs will be forced to go through the probate process. A recent article written for estate planning attorneys puts an unusual spin on this reality, one that is disheartening for many families but also has the power to motivate some to make a change.
The piece reported that statistics suggest that between 55 and 70 percent of Americans do not have an estate plan in place. With the Baby Boomer generation now at or beyond retirement age, more Americans than ever before will soon need the protections that an estate plan can offer. However, the article does not focus on how to convince older Americans to create an estate plan; it instead suggests that the negative repercussions of failing to do so will increase awareness of the issue.