It may be surprising to learn that the wealthy and celebrities often are among the more than 55% of American adults who don’t have a will or estate plan in place. It isn’t uncommon for people to neglect their estate plans, which can have unfortunate consequences. Failing to create a will or estate plan may mean that your survivors will struggle to get control of your assets, and you may not receive the end of life care you preferred.
Why Do So Many People Not Have a Will?
If you haven’t prepared a will before you pass away, you’re in good company. A number of celebrities, including Prince, Abraham Lincoln, Bob Marley, Hoard Hughes, Pablo Picasso, have also died without leaving a will behind. There are many reasons that people do not prepare a will.
One of the main reasons is because they aren’t ready to think about the end of their life or are uncomfortable thinking about it. The best time to make a will or an estate plan is when you are a young adult, but many people are more busy planning the next steps of their life, such as college or starting a family. An estate plan may not even cross their mind, or they may put it off because they think it’s far in the future. Estate planning is crucial for any adult, however, since your estate plan should also include advanced directives about the care you want to receive if you are unable to decide for yourself. It also should include durable powers of attorney, which can give a trusted person the ability to make healthcare and financial decisions on your behalf, should you become incapacitated.
Some may avoid planning out their estate and creating a will because they don’t want to deal with the possibility of spiting a family member or causing a dispute. Failing to leave a will can almost always guarantee fights between your beneficiaries and loved ones, though. By making these plans early, you can have the time to talk to your family about why you made the choices you did.
Cost is also a commonly cited barrier. For the wealthy, this is less of an issue, but for everyday people, the idea of estate planning may be seen as too costly. The reality is, your estate plan can save your family considerable time and expense after you pass away, and you don’t have to spend too much money to create a will for yourself. Often, an estate planning attorney can review your estate plans and tie up any loose ends for a small fee.
Learn What You Need to Know About Your Estate Plans - (972) 200-3078
Estate planning can feel overwhelming, but we are here to help you. At the Law Offices of Dan Chern, P.C., we have 19 years of experience in helping families navigate the process of planning their estate and ensuring that they are well protected. Our Dallas estate planning lawyer can help you prepare your will, trust, and advanced directives, so your family will know what your wishes are.