A will is relatively simple and cheap compared to some other estate planning options, and it can cover several things.
Despite this, many people do not have one. About 68% of Americans, that’s nearly one out of three people, die without a will (also called dying intestate). This can cause great deal of confusion when they die. Their family may disagree about how the deceased would have wanted to distribute their estate, leading to legal battles that cause lasting harm.
You may wonder why so many people don’t write a will when it is not that hard to do and clearly so essential. Here are some possible reasons:
They did not consider it
Schools do not teach you about things like filing taxes or making estate plans. So some people fail to realize how important creating a will is for everyone. Many still believe estate planning is only for the rich.
They put it off for another day
Most people have a list of things they know they should do. Some put these on paper, while others keep the list in their head. People often assume they have years to live, so they do not prioritize estate planning. Yet death can happen at any time, so it is best to get a will in place now.
They did not know where to begin
Wills can be complex and tricky to understand, especially if you have never made one before. Consider making it under the guidance of experienced legal counsel to ensure it covers what you need and is legally valid.