Lack of Wills Creates Massive Problem in China
In a recent article by Hannah Gardner published in USA Today, it was reported that since China began allowing individuals to accrue wealth about thirty years ago, citizens with substantial savings are now passing away. While many parents in China now have savings to pass on to their children, almost none of them have wills.
According to best estimates, about 1% of China’s 220 million senior citizens have drawn up inheritance plans. This low percentage is accredited to the cultural ideology that talking about death is taboo and writing a will is similar to putting a curse on yourself.
Because wills are so rare, courts are crowded and families are damaging relationships as they fight over property and fortunes. According to Chinese economists, China needs to find a way to better transfer wealth so that it does not affect social stability.
This illustrates the importance of a well-written estate plan. When individuals do not have a will or wills are poorly written, families are left on their own to divide assets, which tends to lead to unnecessary discord. When a will is in place, it not only passes down money or assets, it can also pass down family unity.
In the United States, there is a misconception that estate plans are expensive and complicated. In reality, most estate plans are simple and inexpensive. At Fausone Bohn, LLP, we can make estate plans an easy process so that you can pass on your hard-earned assets and family unity to your loved ones.