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Recent statistics reveal a significant gap between the importance Americans place on estate planning and their actual preparedness. While 64% of Americans acknowledge the importance of having a will, only 32% have established an estate plan as of 2024, marking a 6% decline from the previous year. ​

Looking ahead, the U.S. is poised for a monumental wealth transfer. Over the next two decades, it's estimated that approximately $84 trillion in assets will change hands, primarily from Baby Boomers to younger generations and charitable organizations. ​

Even those individuals with significant wealth undervalue the need for a well-prepared estate plan. The recent deaths of actor Gene Hackman and his wife, Betsy Arakawa, have brought to the forefront issues of estate planning and family dynamics. Hackman's $80 million estate was reportedly left entirely to Arakawa via a living trust, with his three children from a prior marriage acknowledged but not named as beneficiaries. This arrangement has led to speculation about the estate's distribution, especially since Arakawa passed away a week before Hackman. Legal experts suggest that the estate's details may remain private unless contested in court.

Contact one of our attorneys to help you establish an estate plan and/or to discuss whether Bravura Group's fiduciary services could be of use!