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Planning an estate is important for just about anyone. It may be especially important for those in Florida who have significant investments in stocks and other financial products. However, a recent study has revealed that one out of every five investors have not done any estate planning. The study also found that there are certain groups of people who may be more prone to procrastinating on creating their estate plans.
Young investors have been found to be more likely to procrastinate. Over 60 percent of investors who are 40 years old or younger have not created estate plans for themselves, reported the survey of more than 1,200 investors conducted in February. Many believe that younger investors are uncomfortable dealing with their own mortality.
Investors who have less than $100,000 in investments are also more likely to procrastinate on estate planning. Approximately 56 percent of these investors have neglected to create estate plans. Many may believe that only the extremely wealthy need to plan estates. However, even those with the most modest of assets can save their loved ones significant time and energy in the case of a tragic accident through some basic preparations.
Another reason that people in Florida procrastinate when it comes to estate planning is because they are not knowledgeable enough about personal finance. Even if one has an idea about what they want included in their estate plans it takes a certain amount of legal knowledge to create the actual documents that make up an effective estate plan. Therefore, research on applicable laws and regulations may also be helpful.