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Estate planning considered difficult among pre-retirees

According to new research, many wealthier Americans in Texas and across the country are struggling in certain areas such as developing estate plans. This includes those between the ages of 53 and 64, or those who plan to retire in the next few years. However, estate planning is a critical part of financial planning for people of all ages, and especially for those who are older.

According to the recent research, a higher number of people getting closer to retirement noted that estate planning was tougher in 2016 compared to the previous year. Specifically, 26 percent of survey respondents indicated that creating estate plans was very difficult or somewhat difficult for them last year. That figure was 24 percent back in 2015.

However, just 8 percent of people who were retired or about to retire in the next few years said they had sought assistance with estate planning during the prior 18-month period. Many people who are not searching for help with their estate plans have simply not yet reached a level of significant discomfort about not having a plan in place. Unfortunately, putting off estate planning can have negative consequences for a person and his or her family members down the road.

Failure to create an estate plan in Texas means that one's assets may not end up in the intended hands. Not completing estate planning may also lead to conflict among grieving family members regarding who should receive one's assets in the event of one's death. The right legal assistance may help people to develop estate plans that accurately reflect their financial and asset-related wishes long term.

Source: marketwatch.com, "Retirement planning, estate planning and investing: all struggles", Richard Eisenberg, Jan. 3, 2017

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