Wills & Estate Planning Tips: The Need to Prepare and What to Include

Every person should make it a priority to have a will. There are misconceptions out there that a will is only important for millionaires with substantial assets, but it’s for anyone who has valued possessions like jewelry, family photos, property, cars, bank accounts and even children!

If you die without a will, your personal belongings will be distributed according the laws of the state where your assets are located, and these same state laws will also determine who will take care of your minor children if your spouse has passed away.

A new survey from Lawyers.com revealed that only 35 percent of adult Americans have a will and that there’s a disconnect between public perception of the cost/complexity of creating a will and the straightforward, affordable choices that are out there for consumers looking to make their own will.

Americans who do not have any estate planning documents cite the following reasons: 

  • 44 percent have a greater focus on the “essentials” (e.g. paying bills, buying groceries, etc.)
  • 31 percent say it’s not a top of mind concern right now 
  • 19 percent feel it is too expensive 
  • 11 percent don’t believe it is necessary 
  • 9 percent believe it takes too much time to create one

With these stats in mind, renowned attorney Gloria Allred emphasizes the importance in preparing for the unexpected and reveals the key items that should be stated when developing a will: 

  • The full name and date of birth of the person creating the will
  • The names, locations and dates of birth of your immediate family that you want in your will, including your spouse and all children, including adopted children 
  • All assets and liabilities including, but not limited to, all items of property, bank accounts, stock accounts, cash, automobiles, safe deposit boxes, personal property (jewelry, furniture and furnishings) and any personal items (e.g. family photos, heirlooms, memorabilia) 
  • A clear list of who should inherit specific items of property/assets. Be very careful to make sure that all of one’s assets are identified in the will 
  • The name of your executor or administrator. This is the person responsible for carrying out the directions you leave in your will, such as distributing the property and paying any debts and taxes owed by you after you die

Every person should prepare a will – it can provide peace of mind knowing that your loved ones and your estate will be protected just how you would have wanted.

Wills & Estates Survey Press Release

Wills & Estate Estate Survey Key Findings
 A new national survey has found that the percentage of Americans possessing estate planning documents such as wills, trusts or power of attorney has dropped considerably.