By: Chris Kelly
We recently came across an article in New York’s Times Herald that highlighted the importance of a will, and how often the process of obtaining one is put on the back burner for many Americans. It is estimated that 65 percent of Americans do not have a will or basic estate planning documents in place. This is an alarming statistic, and the article touched on why the typical American chooses to put off such an important task.
We recently came across an article in New York’s Times Herald that highlighted the importance of a will, and how often the process of obtaining one is put on the back burner for many Americans. It is estimated that 65 percent of Americans do not have a will or basic estate planning documents in place. This is an alarming statistic, and the article touched on why the typical American chooses to put off such an important task.
Many individuals feel that a will or estate plan is only for
the wealthy; this is simply not the case. A proper estate plan can ensure that
the objects of your bounty are distributed to the right people.
This can save the headaches and confusion when an individual
passes away, as well as help avoid potential feuds between family members. No matter how big or small the estate, anyone
with assets needs to be protected; not
just the wealthy.
Another common misconception is that an individual believes
their finances are too meager for an estate plan. Even the smallest of estates should be
protected. A proper estate plan will
avoid the probate process which costs money and delays matters when most folks
do not wish to be held up.
Furthermore, an estate plan is not all about money. If you
have minor children, who will take care of them if a tragic event or unexpected
death occurs? A guardian needs to be nominated for this possibility.
People do not like to think about the worst case scenario. An
unexpected death can be very uncomfortable to plan for, and as a result many
folks elect to ignore it. This is a big contributing
factor for why so many Americans do not have
a proper estate plan. The harsh reality is that these feelings need to be set
aside in order to protect the best interests of your loved ones and your
assets.
Procrastination. This seems to be the number one excuse for
most people. They “haven’t had time to get to it”, or “it’s on the to-do list.”
But what if that tragic event happens today? Sure, it’s morbid to think about,
but the reality is everyone needs to be prepared for such a situation.
The only way to ensure that your possessions, and the well-being
of your family is protected, is to be proactive and put a plan together sooner
than later.
Putting together an estate plan can be very confusing, which
is another reason some folks put off the task for another day that never
comes. Accordingly, it is best to seek
the advice of an estate planning attorney.
There are many different factors that need to
be taken into consideration, and each estate is different. Our law firm offers
free consultation discuss different estate plan options.
.jpg)
I'd say 65% might even be a low estimate. Not many people take the time to properly plan out their estates for when they're living, let alone for after they've died. Just raising awareness about the need helps. People should know it's an important task to take care of. http://www.griffithsandgodecke.com.au/
ReplyDeleteNice blog regarding estate planning. We have been dealing with Probate and Probate Law for the past 20 years and are experienced lawyers in dealing with such matters. When someone has passed, it is usually the executor of their Will who administers the estate and handles the disposal of the assets and debts.
ReplyDeleteEstate Litigation Lawyers Sydney