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Much More to a Will Than Transferring Assets
According to Care.com’s annual estate-planning survey for 2019, 57% of American adults do not have a Last Will & Testament (a “Will”). Based on the results of the survey, participants were more likely or less likely to have a Will based on factors such as age, race, and education. Among those aged 65 and older who are members of the Baby Boomer generation and The Greatest Generation, 66% have a Will, a higher percentage than the overall average. Generation X and Millennial participants create wills at a much lower rate than the overall average, with 39% and 18%, respectively.
The survey participants that did not have a Will gave many reasons why. The overwhelming answer was that they just had not gotten around to it. This answer was given 52% of the time. The next most common reason, given 22% of the time, was that they did not think they had enough assets to need a Will. The cost of making a Will was given as a reason 6% of the time, which was one of the least given answers.
Understanding the Power of a Will
The survey points out a major flaw in understanding the power of a Will. Most people have a basic understanding that a Will transfers assets you own when you die to the people outlined in your Will. Based on this oversimplified explanation of a reason to have a Will, it is easy to understand why younger people and people who have not yet amassed many assets misbelieve they do not need a Will. Never mind that anyone can die at any time, or that you own more than you realize, and you want to have someone named to deal with all your stuff.
More importantly, anyone with a minor child should use a Will to name a guardian for that child. Whether you are married to or divorced from the child’s other parent, naming a Guardian in case of your death is paramount. If the child’s other parent or adoptive parent is alive and still has parental rights when you die, the child stays with that parent. However, if the child’s other parent is dead or does not have parental rights, then the person nominated as guardian in your Will is the only person that can stand up in guardianship court and definitively say that you believed your minor child’s custody should transfer to them. Then, since you are making a Will, you might as well also state who should inherit any assets you might own.
Creating a Will is a simple process when you engage experienced attorneys like us. Sometimes you know the best person to care for your child. Sometimes you need help picking between family members, or you do not have family members to choose from. We are not here to just fill out a Will form for you. We are here to help you and guide you through whatever issue is preventing you from making a Will. Please contact us at our Forty Fort Pennsylvania office or give us a call at 570-288-1800.