The Consequence of Being Without a Will
Richard Eisenberg, a writer for Next Avenue, couldn't have said it any better when he said that while writing about personal finance, every now and again you need to write a "scold" post. When you think about the fact that 51% of Americans between ages 55-64 don't have wills, as a professional, my blood starts to boil a bit too. I get frustrated by the sheer fact that people do not understand the consequences of being without this document.
Some people don't realize just how dangerous it is to be without a will. Eisenberg calls it "American's Ostrich Approach to Estate Planning." Without understanding the consequences, it's understandable. After all, we have enough problems with our day-to-day lives. Out of sight, out of mind, seems to be the motto with estate planning, right? But in reality, a will could save your loved ones from a true nightmare. There's no guarantee that your children and other inheritors will receive what you hope they will. They will have to deal with probate, a long and rigorous process in which the fate of all your assets falls into the hands of the court system. In the end, there is still no promise that the right assets, property, or money will go to whom you were hoping.
Whether you just "haven't gotten around to it" or you firmly believe that you don't need a will, the legal system will say otherwise. It's your responsibility to your loved ones to make sure that the proper estate planning procedures are put into place.
Are you one of these Americans that have failed to create and implement a will? Contact us today, to begin crafting one of life's most important documents.
For more information, check out Next Avenue: https://ow.ly/i3u9306qeHc
?Comment below with your thoughts on wills.
Lawyer for Life
8 年https://sololawyerbydesign.com/give-it-away-or-name-it-family-fights-avoided/ A Will is important - I agree. But it is what the Will does to forestall family fights as a tool that really matters. We have all seen families torn apart upon the death of a loved one in battles over seemingly inconsequential items never to speak to one another again. Proper counseling (by someone qualified to help them avoid those problems = experienced and qualified attorney) is critical to success with no guarantees. But, "you can't fall off the floor". Ethical Wills, statements of love and affection for all the devisees with selection of the best person to fill the role as executor can turn a potentially disastrous resolution into a process that leaves everyone with greater affinity for one another, not the opposite.