There are many reasons you need a will. If you’re an adult living without a will in the United States, you’re not alone. Even with the knowledge that no one lives forever, fewer than half of your peers (42%) have taken this critical step.
Why Are We Putting it Off?
For obvious reasons, people don’t like to think about or discuss their own death, or the death of their loved ones. This makes sense. It’s unpleasant to imagine a world without you in it, so making arrangements for the distribution of your hard earned assets is pretty low on your list of priorities.
While there are cultures around the world that celebrate death as the natural progression of life. In the United States, talking about death and dying remains taboo. In theory, we understand that at some point, we will die. But that date exists somewhere in the very distant future, and even as we age, it remains an issue for other people to worry about.
The Cost of Dying without a Will
Many people assume that if you don’t have a will, someone in your family (or a close friend) will ensure that your assets are distributed to the right people. This is a common misconception. Without a will, your estate goes into probate, where state statute will dictate who gets your assets. This is a long and expensive process, which costs American families up to 2 billion dollars annually, with up to $1.5 billion paid in attorneys’ fees.
And this is just the financial toll. As many of us know, the cost to family relationships can be even greater.
You Need a Will. Yes, YOU.
The lesson here is that everyone needs a will. Not just the sick, or the elderly. Everyone, including you. And in case you’re still thinking that I’m talking to someone else, here are a few more reasons to take this step for the good of your family and friends.
1. State Laws Vary Dramatically
This means that depending on where you live if your estate goes into probate (because you don’t have a will), the judge will distribute your assets according to a different hierarchy of survivors. In some states, everything would go first to your spouse, then your children, etc. In other states, if your parents are alive, the hierarchy would start with them.
Take-away: You may think you know how your assets would be distributed, but you could be way off. Check your state intestacy laws, and then create a will so your preferences are clear.
2. Your Children Need a Guardian
Of course, no one wants to think about their children losing both of their parents. But one of the most important reasons for creating a will is to ensure your children are taken care of by someone you trust.
Take-away: If you have dependent children, make sure you’ve named a legal guardian. Otherwise, the probate court will make this decision for you.
3. Privacy, Expediency, & Accuracy
The only way to be sure that your estate is distributed to the people you prefer, quickly, and in line with your wishes, is to create a will that very specifically outlines your plan. Without a will, your estate will go in to probate, which can take anywhere from several months to several years. Not only will your family or friends be stuck waiting for your assets to be distributed, they’ll likely need lawyers that will tie up some of your hard earned money.
Take-away: Paying an attorney to create a will is an investment in your family’s future.
