Survey Says: 68% Of People Don’t Have One Of These
As a Georgia estate planning attorney, I see firsthand the importance of having a will in place. It's a document that grants you peace of mind, knowing your wishes for your assets will be carried out after you're gone. That's why a recent survey finding that only 32% of Americans have a will is truly concerning. Let's delve into what this statistic means for you and your loved ones, and why creating a will is a crucial step, regardless of your age or wealth.
Determining if You Need a Will
There are always benefits to having an updated will. According to a 2024 Wills and Estate Planning Study from Caring.com, just 32% of adults reported having a will. That means nearly 7 out of 10 people are living without a will to direct family members and the court on how to handle needs should they pass away.
Most people think of a will as valuable. At the same time, many people put off having a will or estate plan created, believing they have plenty of time or they do not have enough assets to warrant the process. Yet, everyone should have an estate plan. This is especially important if you have children or own a home.
What Happens When a Person Dies Without a Will
If a person dies without a will, the court must make key decisions on your behalf. While that may be okay with you, it could put family members who rely on your income or support at risk. People who die without a will leave a thicket of probate problems for their family members to navigate. That is not just a frustration and an added step in managing a family member's death, though. It can also be an expensive loss.
The time, lost money, and stress that occurs in this situation can be mitigated by taking action now, during your lifetime, to craft a simple will or estate plan. When someone dies without a will, state laws and the local courts take over. Consider what this could mean for your family that you leave behind. It could mean that strangers are making decisions about how your family will receive support and assets going forward.
Why People Say They Do Not Have a Will
That same Caring.com study found that 43% of Americans who say they do not have a will say simple procrastination is the problem. It is in the plans, just not now. Some people do not see the priority of doing it immediately.
Another 40% of people reported that they did not have enough assets to justify seeking out an estate planning attorney. Yet, many of them have prized possessions, such as their children, that may be left in the hands of the court to make decisions for and about.
Also, note that some people say they do not have a will because they believe the process is either too expensive or too complex to navigate. In every situation, this does not have to be the case. While working with an attorney is ideal, keep in mind that an inexpensive DIY will serve as a basic level of legal support in an untimely death.
Higher-earning Americans Are More Likely to Have a Will
Another interesting insight from the study is about high-earning Americans. These people were twice as likely as lower-earning Americans to get a will after they expanded their family. If you are adding a member to your family, it may be time to put in place an updated will that allows for that new family member to receive the same treatment as others.
The study found that 31% of Americans who earn more than $80,000 a year said family expansion motivated them to get a will. By comparison, just 10% of Americans making $40,000 or less were motivated in the same way.
People who are in the lower income group were 60% more likely than the wealthiest Americans to say medical diagnosis or health problems motivated them to create a will.
How an Estate Planning Attorney Can Help You Now
Working with an estate planning attorney – no matter your age, health, or income – is the best way to protect your future and your family members should something happen to you. If you do not have a will in place right now, make an appointment immediately to begin discussing this need with an estate planning attorney.
There are numerous ways an estate planning attorney can help in this situation:
Craft a will. The first step they can provide is in the crafting of a will. This includes following your directions in making key decisions about your assets should you die.
Determine the value of a trust. There are different trusts in Georgia, and each one may help you to minimize financial loss in probate while supporting your family’s future.
Create a plan for your minor and dependent children. If you have a child who is under the age of 18 or a child who is an adult but dependent on you, have your attorney create a will that represents what could happen to that child if something occurred to you. Where would they live, and who would care for them?
In addition to this, your attorney can help you make decisions about your health care, including the type and level of care you want and what you do not want. They can help you minimize the taxation of your estate during the probate process. Attorneys can also guide you in minimizing wealth transfer, often saving thousands of dollars for your loved ones - and hours and hours of stress.
Learn More About Georgia Intestate Laws:
Work with a Trusted Estate Planning Attorney in Georgia
At SmithTaire Legal, our estate planning attorney is ready to help you. We provide estate planning and probate services in Georgia. Contact us now by calling Gwinnett County estate planning attorney Jammie Taire at 678-253-8133 to set up a consultation to discuss your specific needs and concerns. Now is the ideal time to have this conversation so you can protect your future and that of your family members.