The thought of dying is not generally a comforting thought, which is why estate planning is often placed on the back burner of people’s busy agendas in New York. However, the truth is that death is inevitable. Thus, it simply makes sense to put together wills and other components of well-thought-out estate plans.
Research shows that about half of Americans who have children lack wills. In addition, nearly 75 percent of adults under 34 years old lack wills. Meanwhile, more than 40 percent of today’s Baby Boomers lack wills.
A survey also showed that 32 percent of Americans said they would rather go through a root canal procedure or do their taxes than put together or update a will. One of the reasons creating wills is so commonly frowned upon is that the process can seem confusing or overwhelming. After all, making mistakes in the will creation process may cause a will to end up not being valid. Many also believe they just do not need these legal documents, or they are simply procrastinators.
Fortunately, an attorney in New York can offer guidance with quickly putting together wills that reflect one’s wishes and best interests when it comes to who will get one’s estate and the process for distributing it in the event of one’s death. With wills, those who have accumulated assets, including retirement or savings accounts or homes, can ensure that these valuable assets remain protected. Those with children can also make sure that the children’s care-related needs are met if their parents die prematurely.
Source: cbslocal.com, “More Money Mistakes: Thinking You Are Going To Live Forever“, Sept. 26, 2017