Document Type

Article

Publication Date

2026

Abstract

Abstract. There is not enough estate planning. The problem arises because estate planning is costly to property owners planning end of life property transfers. Estate planning costs include not only fees for legal and financial advice, but also any anguish associated with contemplating mortality and choosing among estate plans and potential beneficiaries. These costs encourage property owners to economize on estate planning, thereby diminishing collective family welfare. Rational property owners leaving estates do too little planning because they cannot internalize all the benefits of their transfers. State governments are able to encourage greater estate planning by raising the cost of failure to plan, for example by requiring a portion of intestate transfers to escheat. Other measures that states could adopt include favorable tax treatment of estate planning expenses and offering streamlined methods of updating wills and nonprobate transfers.

Comments

© 2026 George Mason Law Review. Reproduced with permission.

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