A recent Gallup Poll has indicated that at least 56% of U.S. citizens do not have a will in place. Taking a closer look at the numbers, certain trends emerge. Older people are more likely to have a will, as are the more affluent and those with advanced degrees. This is not surprising, as there is a common misconception that only the wealthy need estate plans. However, every U.S. adult should have some sort of plan in place – at the very minimum a will and powers of attorney for healthcare and property (although for many, a trust may be a more appropriate option).
A will offers a number of necessary advantages over the State’s default designation (known as the laws of intestacy), including the ability to appoint guardians of minor children, the ability to choose an Executor of an estate, and the ability to direct where (and to whom) assets shall be distributed upon death. These designations are often very personal, and most people when pressed have some sort of preference that may or may not align with the State’s default law. If you are one of the many people without any estate planning, now is a good time to speak with an attorney to put a plan in place. Contact Matlin Law Group, P.C. for a free initial estate planning consultation a 1-847-770-6600.Like this article and want to receive more like this? You can! Sign Up for Our Newsletter