The American Bar Association says only 19 percent of Americans who should have a will actually have one. The reasons why people don't plan for what will happen to their estate after the day vary from family to family.
According to a 2004 study, nearly one in ten of those surveyed say they do not have a will or estate plan because "they do not want to think about dying or becoming incapacitated." Fifteen percent say they are not old enough to have an estate plan, while 21 percent said they do not have sufficient assets. Others think estate planning is too complicated.
These are myths. Families are left to try to guess what the wishes of the deceased were, which often leads to the beginning of lifelong, bitter feuds among family members. The unknowns can include 'Who did Grandmother want to give the china cabinet, Cousin Molly or Cousin Sarah?'"
Most of these disputes end up in the court system and are another burden on a family that is already grieving. These disputes can create costly-court fees that can be a burden for some. Others find their families torn apart due to dissatisfaction with the judges' decisions.
That's the best reason to have your own will prepared: to ensure your wishes are carried out-not the desires of the legislature or court system. You can ensure that your family avoids the heartache of deciding your wishes for you. When you do pass, your loved ones need only to focus on celebrating your life.
The good news is that everyone, no matter their age or the size of the estate, can prevent these problems by planning for what will become of their assets after death. I have simplified the issue of wills, trusts and estate planning in my book to provide every-day language to a complicated process.
I realize that many people get bogged down in the 'legalese' of estate planning. As I said in the introduction of my book, I sincerely want to help you enjoy your property during your lifetime-after all, it's yours! And I want you to be able to pass the unused portion of your estate-with the least possible loss in value-to your loved ones.
Properly preparing for your assets after your death can ease the minds of your loved ones and guarantee that your wishes will actually be fulfilled after your passing. Such careful preparation is a wonderful legacy to leave behind.
Copyright (c) 2007 Steve Allen
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