Many Americans seek to emulate the wealthiest people when possible. These Americans seek to learn how the wealthy have made their money to see if there are any lessons that can be learned. However, a recent study shows that it is not always wise to emulate someone just because he or she is wealthy, not even on matters of money and property.
A study by Rothstein Kass found that 75% of the wealthiest Americans have not updated their estate plans in over three years. To make matters worse, 95% of those people have had significant life-changing events since getting their current estate plans and should have updated their estate plans.
If you are a regular reader of this blog, then you know better than to make the same mistake that these wealthy Americans are making. When something significant happens in your life, you know that you should review and update your estate plan to reflect your changed circumstances. If you have not absorbed that lesson yet, then take some time to read some of our older posts to see examples of what can happen when you do not update your estate plan.