"Unlike so many areas of our lives that are out of our control, planning for an event that has a 100 percent probability of occurring (our eventual demise) seems like a good task to tackle for all of us. Yet, according to a recent study from Caring.com, we have a lot of work to do. Only one in four Americans has a will and these numbers have gotten WORSE since 2022. Incredibly, not even a global pandemic can motivate people into action."
"Adding to my distress level: The study found that Americans with children under 18 comprise the largest cohort of people without wills or other estate planning documents. Even if you don't have children or think that you don't have enough money, don't you want some say in your end-of-life health decisions? Or how some of your possessions, no matter what they are worth, should be distributed?"
"Even if you don't have children or think that you don't have enough money, don't you want some say in your end-of-life health decisions? Or how some of your possessions, no matter what they are worth, should be distributed? Importantly, if you die without a will, your state of residence determines who should get what and then the local Probate Court will take its time and then divvy up your estate according to a preset formula."
Only one in four Americans has a will, and the share has declined since 2022. Many people, including the largest cohort without wills—parents with children under 18—remain unprepared despite the pandemic. Dying intestate causes state law and probate courts to decide asset distribution and can delay outcomes. Key estate planning documents include a will naming beneficiaries, an executor, and a guardian for minors; a health care proxy to make medical decisions; a power of attorney for financial and legal actions; and a letter of instruction for disposition of remains and funeral preferences. Proactive planning avoids default legal determinations.
Read at www.mercurynews.com
Unable to calculate read time
Collection
[
|
...
]