Estate planning isn’t usually on anyone’s list of preferred activities. It is a responsibility that most adults acknowledge but still hope to avoid. Many otherwise responsible adults procrastinate about the creation of an estate plan.
They tell themselves that their circumstances are not settled enough to warrant an estate plan. Many people think that estate planning occurs during the retirement preparation process or after they achieve certain goals, such as buying a house or having children. The reality is that most adults might benefit from the creation of a will, even if their personal circumstances are likely to evolve in the near future.
Why do people need wills?
Less than a third of all adults have a will on record according to recent research. The majority of adults either think a will is unnecessary or believe they have time to address their estate planning concerns in the future.
What these people fail to consider is that life is unpredictable. Healthy professionals in their 20s can die because of a workplace accident or a car crash. People develop cancer or contract infectious diseases with little forewarning. Therefore, taking the time to establish a will as early as possible is often preferable to waiting for the testator to reach certain milestones.
Without a will, state intestate succession laws apply. Immediate family members may inherit everything from the estate of an individual who dies without a will. A young adult estranged from their parents might provide them with a surprise windfall if they die without a spouse or children.
Individuals hoping to leave resources for unmarried romantic partners, close friends, siblings or grandchildren may need to draft wills or risk state law dictating what happens with their property. Wills also provide an opportunity to designate an appropriate person to act as personal representative or to assume the role of guardian over someone’s minor children.
Almost anyone over the age of 18 could potentially benefit from creating a will. If nothing else, they can take pressure off of close family members and prevent their loved ones from fighting over their legacy when they die.
Realizing that estate planning is useful for most adults can help people overcome the tendency to procrastinate about estate planning. A will is helpful for people in many different situations and can either stand alone or become the main document of a more complex estate plan.