Last Will and Testament: Why You Need One Now

Fewer Americans Are Creating Wills

An annual survey conducted by Caring.com indicates that the number of Americans who have a will has only increased by 2.5 percent over the previous year. Overall, the percentage of those with a will continues to decline. The rate was 33 percent in 2021 versus 42 percent in 2017. The COVID-19 pandemic sees one in three people understanding the greater need for a will. However, 31 percent of those did nothing about it.

Reasons to Take Your Will Seriously

New cases of the coronavirus affect the US and world populations. Re-infections of vaccinated individuals are occurring. Increasing cases in younger, healthier people indicate COVID-19 challenges will plague us for some time to come. Moreover, even if a pandemic doesn’t motivate you to create your will, other health and financial challenges will occur over your lifetime. Preparing for them avoids a potential crisis. It also prevents any confusion regarding decisions to be made between family members.

Why Many People Delay Estate Planning

It seems younger adults are more likely to follow through with creating a will than middle-aged and older adults. Aside from procrastination, Americans increasingly misunderstand the purpose of a will. Many also feel it is inconvenient and expensive to reach out to an estate planning attorney. For example, an attorney can help you develop a simple or complex will. You can create an estate plan based on your budget and circumstances with their help.

The Benefits of Having a Will

Keep in mind, when your will enters probate, your family will benefit from knowing exactly what you want to happen. This makes it a less emotional time for them. Having a will can also save others time and money later should family disputes arise. Initial consultations may be free, and payment plans may also be available. Since COVID began, options to consult with attorneys remotely have made it much more convenient.

Everyone Needs a Will

Nearly everyone has something of value they would like relatives or friends to inherit. A will ensures your wishes are carried out and greatly benefits your family. It allows you to protect assets and eventually transfer them to a spouse or children. Your will designates who inherits your home or land. It also designates who receives personal property like bank accounts, securities, jewelry, etc. Additionally, it lets you disinherit individuals such as estranged relatives.

Protecting Your Children’s Future

Besides defining how your property is distributed, a will can name someone to care for your minor children after you die. Without a valid Last Will and Testament, the decision of who will care for your minor children and their interests could be subject to litigation. In that case, it is possible that a judge could appoint an independent professional to serve as guardian of your minor child. The same professional might act as fiduciary of your estate. Appointing a caretaker that you trust in your will gives you time to discuss the best way to handle your children’s mental, emotional, and financial life preparedness.

Understanding Dying Intestate in New York

Without a valid Will in New York, the state law determines who is in charge of your estate. It also determines who will inherit your assets based on your next of kin and living relatives. Assets may end up with someone you do not wish to receive your property. This distribution of your property varies by state probate laws and may not follow your wishes. When there is no valid will or other estate planning documents, like a living trust or power of attorney, it can also cause family strife.

The Caring.com studies show most Americans believe they should have a will in place by age 35, yet most Americans don’t. Though many have thought about a will, most get no further than casual conversations with family members. Surprisingly, 58 percent of study respondents who don’t have a will say they aren’t worried about it.

Creating a Lasting Legacy

Your will is the primary document for transferring your assets upon your death and an essential part of your estate plan. Challenges like COVID remind us that accidents and illness can strike anytime. They can affect our health and well-being. We can prepare for many potential life problems by simply creating a plan to preserve a lifetime of assets and accomplishments. Then we can pass on a legacy.

Estate planning attorneys help you determine whether a will is right for you. We can help draft additional supporting documents, like living wills, healthcare directives, and powers of attorney, to support your overall plan and make sure your wishes are carried out.

If you would like to speak with an experienced elder law attorney regarding your situation or have questions about something you have read, please do not hesitate to contact our office at 1 (800) 680-1717. We look forward to the opportunity to work with you.

Disclaimer: The information provided above is for general informational purposes only and is not legal advice.