A Will Means Less Uncertainty for Your Loved Ones |
Where There's a Will...There's Less Uncertainty for Your Loved Ones
You can't take it with you, according to the adage - but many Americans seem to be planning to do just that.
That's because over half of all adults do not have a will, according to research from lawyers.com. A will - an expressed intention of what should be done with one's property after death - is typically the first document considered in an individual's estate plan.
Among non-white adults, the lack of wills is even more pronounced. Only one in three African Americans and one in four Hispanic Americans have wills, compared to more than half of white Americans.
Surprisingly, the majority of Americans still aren't planning for the distribution of their estate after death. Virtually every adult dies possessing some form of property, but without a will, it's up to the state to decide how those assets are distributed - which may not reflect an individual's actual desires. People often attach the need for a will to having a lot of assets, which reflects a misunderstanding about a will's actual function.
Living wills (also known as medical directives) have jumped in popularity since 2004. Two in five adults now have living wills in place, a full ten percent more than those who had one just three years ago. Living wills dictate individuals' directions for receiving life-sustaining medical intervention in the event of grave illness or injury.
Additionally, two in five Americans report assigning a power of attorney for healthcare purposes, compared to one in four in 2004. A power of attorney for healthcare legally delegates authority to another to make medical decisions for that individual, if he or she is incapacitated.
Issues surrounding medical decisions for terminally ill or injured people have received a great deal of news coverage in recent years, likely prompting increased interest in the legal documents that address such situations. In preparing a living will and accompanying power of attorney for healthcare, you're clarifying your desires unequivocally.
Research also shows that, for some, ignorance appears to be bliss: one in ten American adults who do not have any elements of an estate plan say it's because they don't want to think about dying or becoming incapacitated. Similarly, nearly one in ten adults say they don't have an estate plan in place because they don't know who to talk to about creating such documents.
With minimal advance preparations and costs, loved ones can be spared from difficult decisions and uncertainties during emotional times. For more information on planning your estate, visit www.lawyers.com.
This survey was conducted by telephone within the United States by Harris Interactive on behalf of lawyers.com between March 1 and March 4, 2007 among 1,018 adults (aged 18 and over).