According to a new Caring.com survey, only 42 percent of U.S. adults currently have estate planning documents. This number increases drastically to 81 percent for those age 72 or older.
Since we never know how long we will live, it’s vital that more younger adults invest the time to execute estate planning documents. The reason given by most is simply that they “have not gotten around to it”, according to the same survey.
Younger Americans are generally unconcerned with their own mortality, which perpetuates the misconception that a will isn’t necessary until later in life. Many young people think they have too few assets to worry about how those will be distributed should they die.
In the absence of a will, state’s laws of intestate succession direct how property gets distributed. Without a will, the state decides, regardless of the value of the estate.
And for young adults with minor children, it cannot be stressed enough the importance of having a will, if for no other reason than the sole purpose of naming guardians.
Stop putting off this important task. Contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area for your estate planning consultation.
