Jennifer Spalding of Spalding Law Office in Chaska specializes in estate planning services. 

​​Surveys conducted in 2024 by Caring.com and Ameriprise Financial revealed a troubling trend: Americans are falling behind on estate planning. The Caring.com survey revealed that only 32 percent of Americans have a will — a 6 percent decline from 2023. The Ameriprise survey found that 52 percent of couples lack estate plans. These statistics highlight the disconnect between understanding the importance of estate planning and taking action.  

Myth 1: “I don’t have enough assets to need an estate plan.” 

Estate planning isn’t just about financial wealth. It’s about doing the right thing for the people you love so you don’t leave a mess and it’s about ensuring your wishes for your own care are considered if you cannot make decisions for yourself due to accident or illness. For example, estate planning is also about:

• Ensuring what you DO have goes to the people you want in the way you want;
• Your children being raised by people you choose;
• Making sure your wishes for your medical care are honored if you become incapacitated; and
• Appointing people you trust to manage your finances if you can’t manage your finances yourself.

Estate planning minimizes conflict among your loved ones. By clearly outlining your intentions, you significantly reduce the chances of misunderstandings or disputes, while also increasing the chances that your resources will be used to create a better future for the people you love. 

Myth 2: “My spouse gets everything anyway.” 

Married couples often believe that when they die everything goes to the surviving spouse simply because they are married. This is not necessarily true. It depends what type of assets they have and how they are owned. It is not uncommon for spouses to think they own something jointly (a house one spouse purchased before marriage is a great example) when in reality they do not. They also do not consider what would happen if something happened to both of them at the same time.  

Myth 3: “I’m too young to need estate planning.” 

Another common misconception is that estate planning is only for people over a certain age. If you are over 18 years old and you have “stuff” or people you care about, you need a plan. If you are a young married couple with your first child, you need a plan. If you are 65 years-old and recently retired, you need a plan. You get the idea. The plan will look different depending on your circumstances and stage of life, but the reality is estate planning important at any age.  

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.