As you get older, many Americans accumulate more wealth, property and heirlooms they may want to pass onto their loved ones. The best way to address your wealth and possessions and what you want to happen to them is by having a will. Despite the many benefits, many Americans still don’t have a will.
A new survey by Rocket Lawyer found that 51 percent of people between the ages of 55 to 64 haven’t drafted a will. Among individuals 45 to 54, only 62 percent have a will. Why do so many Americans not have a will? The reason varies from person to person, but the most common reasons people said they don’t have a will include not having the time to create one, not feeling the urgency to create a will, not thinking they need a will and some don’t want to think about dying.
Even though these reasons seem to be very common in the United States, they are not valid reasons for not having a will. Everyone should have a will, regardless of how much wealth they have or how old they are. Young adults to the elderly can benefit from having a will.
What is the consequence of dying without a will? If you don’t have a will at the time of your death in California, your loved ones may not know your wishes and it can make it more difficult or impossible for them to inherit your assets.
Having a will is very helpful for you and your family. A will can make sure your loved ones are cared for as well as make sure your assets are distributed according to your wishes. Having a will can also help your family avoid heated debates because they will know what you want and hopefully honor those wishes.
Even if you think you have plenty of time to draft a will, do it sooner rather than later for the benefit of everyone you love.
Source: Forbes, “Americans’ Ostrich Approach To Estate Planning,” Richard Eisenberg, April 9, 2014