Why Is Creating a Will Essential for Your Family and Legacy?
We’ve all heard the adage that nothing is certain except death and taxes. However, a recent survey found that just over half of Americans between 55 and 64 have not drafted a will. Those a decade younger, between 45 and 54, are even less likely to have one — just 38 percent.
Why do people, particularly those at an age where they should be planning for retirement, fail to take care of this important task? Over half of the people of all ages who were surveyed said they “just haven’t gotten around to making one.” The remainder said they didn’t feel it was urgent, didn’t think they needed one or didn’t want to contemplate their own mortality.
Everyone should have a will, regardless of how much money they have, their marital status and whether or not they have children. Those with $100,000 or more in assets should also probably consider setting up a trust. Aside from saving your heirs from unnecessarily high estate taxes and probate, a trust helps you specify how and when your estate can be distributed.
What happens if you die without a will? When people die “intestate,” their estate goes into probate. This can be a long, costly process for surviving family members. While spouses and children generally inherit the estate of an intestate person, there are no guarantees. For single people, the state will decide who gets your assets.
Besides getting a will and a trust, there are other steps everyone should take to ensure that their assets go to the people or entities that they intend. There are special rules for retirement accounts, for example. It’s also essential that you keep your will up-to-date. Many people make a will and then don’t think about it again even though they’ve gone through life changes that impact who is in their lives and whom they want to inherit their assets.
Florida attorneys with experience in estate planning can advise people about what documents are appropriate for their situation. In addition to a will and trust, this could include various powers of attorney that designate who can make decisions if you become incapacitated. The appropriate estate planning documents can help minimize strife and expense for your surviving loved ones. They can also allow you to leave money or property to causes and organizations you support so that your legacy can carry on when you’re no longer here.
Source: Forbes, “Americans’ Ostrich Approach To Estate Planning” Richard Eisenberg, Apr. 09, 2014
