The American Bar Association says only 19 percent of
Americans who should have a will actually have one. The
reasons why people don't plan for what will happen to their
estate after the day vary from family to family.
According to a 2004 study, nearly one in ten of those
surveyed say they do not have a will or estate plan because
"they do not want to think about dying or becoming
incapacitated." Fifteen percent say they are not old enough
to have an estate plan, while 21 percent said they do not
have sufficient assets. Others think estate planning is too
complicated.
These are myths. Families are left to try to guess what the
wishes of the deceased were, which often leads to the
beginning of lifelong, bitter feuds among family members.
The unknowns can include 'Who did Grandmother want to give
the china cabinet, Cousin Molly or Cousin Sarah?'"
Most of these disputes end up in the court system and are
another burden on a family that is already grieving. These
disputes can create costly-court fees that can be a burden
for some. Others find their families torn apart due to
dissatisfaction with the judges' decisions.
That's the best reason to have your own will prepared: to
ensure your wishes are carried out-not the desires of the
legislature or court system. You can ensure that your
family avoids the heartache of deciding your wishes for
you. When you do pass, your loved ones need only to focus
on celebrating your life.
The good news is that everyone, no matter their age or the
size of the estate, can prevent these problems by planning
for what will become of their assets after death. I have
simplified the issue of wills, trusts and estate planning
in my book to provide every-day language to a complicated
process.
I realize that many people get bogged down in the
'legalese' of estate planning. As I said in the
introduction of my book, I sincerely want to help you enjoy
your property during your lifetime-after all, it's yours!
And I want you to be able to pass the unused portion of
your estate-with the least possible loss in value-to your
loved ones.
Properly preparing for your assets after your death can
ease the minds of your loved ones and guarantee that your
wishes will actually be fulfilled after your passing. Such
careful preparation is a wonderful legacy to leave behind.
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Steven W. Allen has been helping clients plan their estates
for more than thirty years. Steve is a professional speaker
and an author of six books, including "You Can't Take It
With You, So How Will You Leave It Behind?". Steve is a
member of the State Bar of Arizona, the National Lawyers
Association, the National Academy of Elder Law Attorneys.
For more information go to http://www.estateplanningdr.com
or call (480) 644-0070.
