Husband And Wife Affectionately Exchanging Christmas Gifts

The creation of a will should not be left to only older Americans.

The majority of Americans do not have a will, according to a survey reported by The New York Times recently in “Why You Should Get Around to Drawing Up a Will.”

The new survey, which reveals that only 42% of Americans have a will, does have some good news because the overwhelming majority of people over the age of 72 have a will. The bad news is that only one in five people between the ages of 18 and 36 have wills.

The problem is that younger adults often have very big reasons why it is more important for them to have a will than it is for retired people.  The reason is that younger adults are far more likely to have minor children who need backup parents appointed, if they are orphaned.

It is only through creating an estate plan that parents can give directions about who should care for their children and how that should be done. An estate plan is also the best way to make sure that the children’s immediate and long-term financial needs are met.

Even young adults without children should have at least a will,  since it is the only way to make sure that their assets go to the people who they choose after they pass away.

As the article points out, many people believe you do not need to have an estate planning attorney to create a will.  It is possible to create your own will using many do-it-yourself options.

Be advised, though, that the article also points out that both The New York Times and Consumer Reports have looked into do-it-yourself will services and found them lacking for all but the simplest of wills.

An estate planning attorney can help both you and your family in the creation of a will.

Reference: New York Times (Feb. 8, 2017) “Why You Should Get Around to Drawing Up a Will.”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.