The month of October has been designated as Estate Planning Month. This is an important designation because it serves as a crucial reminder that planning and preparing for your legacy is important, and it is, unfortunately, something that many people put off for far too long.
Recent studies have shown that far too many people are unprepared for the inevitable, as they have no plans in place for what will happen if they become incapacitated or when they pass away.
It’s never fun to consider what will happen if you can’t care for yourself or after you’re gone, but it’s crucial to protect your loved ones. You should take the time this estate planning month to make sure you have the right plans in place for yourself and your loved ones so you are ready no matter what life sends your way.
Far too many people lack an estate plan
According to a recent study from Caring.com, just 32% of Americans have a will in 2024. This is a 6% decline in the number of Americans with a will compared with 2023. This study is the first time that there has been a decrease in the number of people with an estate plan since 2020.
The Caring.com research also showed an increase in the number of adults who say they do not have a will because they don’t have assets to leave to anyone. In fact, a total of 40% of people without a will indicated that they have not made one because they don’t think they have enough assets to leave to someone. This is a 14% increase in the number of adults citing this as their reason for not having a will, compared with the number in 2023.
A number of Americans have also chosen not to make a will because they don’t believe they have enough assets to leave to anyone but their kids. In total, 35% of people responding to the Caring.com research cited this as their reason for not preparing an estate plan.
The fact that so few people have a will may come as a surprise, as 64% of Americans reported to Caring.com that they believe it is important to create one. Ironically, the only group who has not experienced a decline in estate planning is actually the youngest, with adults between the ages of 18 and 34 the only demographic group who have not seen a decline in estate planning since 2020.
These numbers of disturbing, with so many Americans aware that they need to put a plan in place, but so few people actually doing it. This October, during estate planning awareness month, it’s time to change that and finally take action.
Put a plan in place this October to secure your future
Estate planning awareness month is the perfect time to finally take action and create the will that you have been putting off making.
If you believe that you do not need a will because you don’t have many assets or don’t have property to leave to anyone but your kids, it’s also important to realize that this is not necessarily the case.
There are important reasons to create a last will and testament even if you don’t have a lot of money. Your will can:
- Allow you to name a guardian for your children and pets so you make sure your loved ones are provided for after you are gone.
- Give you the chance to make your preferences known for who will inherit
- Name someone who can act as executor of your estate and oversee the probate process so the court does not have to appoint an estate administrator for you.
There are also estate planning tools that go beyond a will and that can accomplish other important things. For example, you can make a trust to provide for a disabled loved one or to make sure that money left for children and pets is used appropriately for their care. You could also make a Medicaid plan to protect your assets in case you need to go into a nursing home.
Incapacity planning is also part of estate planning, and it involves taking steps like creating a living will, a healthcare power of attorney, and a durable power of attorney. If you make an incapacity plan, you can ensure that your wishes are respected regarding the kinds of medical care you want and regarding who will make your decisions and manage your assets for you if you become unable to do so on your own.
You don’t want to leave any of these issues to chance, so join the minority of Americans with an estate plan. Take the time this October to work with a professional who can assist you in identifying the tools you should be using to create a more secure future for yourself and to protect those who you are leaving behind.
If you already have an estate plan in plan, that doesn’t mean you should ignore estate planning awareness month either. This month provides a good opportunity for you to review your plans, to ensure that all of your documents are up to date, and to make certain that your loved ones know where to find important paperwork and accounts if something happens to you.
Thinking about your death is not fun, but it is far worse to have something happen to you and to leave your family in a difficult situation with no idea of how to respond to your incapacity or how to honor your wishes after your death. You owe it to yourself and to the people you care about to act.
McGee Law Firm is here to help you. You can give us a call at 817-899-3286 or contact us online to speak with an estate planning lawyer. We can review your situation, help you to understand and define your goals, and put a comprehensive plan in place with you so you can end estate planning awareness month secure in the knowledge that you’ve done what you needed to leave behind a strong legacy for those in your life.
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