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Many Americans Still Without Wills

August 15, 2016

Filed under: Estate Planning — Neel Shah @ 9:15 am

Any number of news stories about celebrity estates highlight just how much confusion can be generated when you skip estate planning. The woes of skipping a will, however, are not only reserved for the rich and famous. Skipping a will can cause problems for your beneficiaries by making things more difficult than necessary. It’s worth the appointment with your estate planning attorney. According to a recent survey shared by Google, two-thirds of adults in the U.S. don’t have a will at all. A further nine percent have an out-of-date will. Having a will with old information can be just as frustrating for your loved ones, as it could mean that your old intentions are carried out instead and that you spark arguments between family members. last will and testament (1)

 

The survey also discovered good news as far as a person’s age and his or her likelihood to have a will. Sadly, however, individuals between the ages of 18 and 24 mostly did not have a will: more than 80 percent of respondents in that age range did not have plans for their belongings if something were to happen to them. It’s a myth to believe that you don’t need a will if you’re younger or have a modest-sized estate. Meeting with an estate planning attorney to discuss your goals and articulate your plans is something you should begin early on.

One other interesting fact from this study was that the income category least likely to have an updated will were those individuals earning more than $100,000 per year. With more income and assets come great responsibility. Putting your family through the additional stress of letting the court decide what happens to your belonging is unnecessary and frustrating for them. It can also add delays to the processing of your estate.

Contact a New Jersey estate planning attorney today if you’re ready to begin talking about putting together a will. It’s worth the time and effort and will give you a lot of peace of mind about the future.

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