According to a survey by FindLaw.com, over 60% of Americans don’t have an estate plan, giving them little control over what will happen to their assets and minor children, and no control over issues relating to their incapacity. The survey further broke down estate planning by age: More than half of Americans over age 50 have an estate plan; but only about 25% of adults between the ages of 25 and 34 have one.
If you die without an estate plan, you have what is called an “intestate” estate. That means the distribution of your assets through the probate court process will be controlled by a default statute. Also, the court will determine who will raise your minor children, and decide who will make financial and medical decisions for you if you become incapacitated.
What does lack of planning mean? Financial drain. Emotional drain. Family conflict.
An old quote goes something like this: “There is never enough time to do everything, but there is always enough time to do the most important thing.”
Ask yourself: Have I taken the time to do an important thing for me and my family?