After many years of talking about it, my husband and I finally executed our will. We always had a "good" excuse for not getting it done. Excuses are funny like that. They are always good until they are not.
Approximately, 68% of American adults (18+ and older) DO NOT have a will. If you like data, here is the breakdown:
24% of 18- to 34-year-olds have a will.
27% of 25- to 54-year-olds have a will.
45% of people over the age of 55 have a will.
81% of people over the age of 72 have a will.
Research shows that wealth, wage, and financial literacy gaps mean fewer BIPOC individuals take the time and money for estate planning. A 2022 study shows that BIPOC individuals are also 14% less likely to have an estate plan than non-BIPOC individuals. (Care.com and AARP)
*Take my Poll below:
So what is keeping you from making a will? Check all boxes that apply.
0%The cost.
0%I don't like the idea that it's something I should do.
0%I don't feel comfortable telling strangers personal details.
0%I'm not ready to make important life decisions right now.
You can vote for more than one answer.
The best way to start a will is to just get started. Sounds silly, but It's true. How you get started will depend on how you answer the questions above. For us, it was about educating ourselves on the benefits of a will for our beneficiaries and our own peace of mind. I initially did a little research on the internet but ended up scheduling a consultation with two different estate attorneys. Most will do this for free. I recommend asking friends and relatives for attorney recommendations. It is at this consultation that you will share basic information about your family makeup and assets. From your information, they will advise you on the best course of action when creating your will. Both attorneys that we saw (one on Zoom and one in person), gave us similar advice, so we felt comfortable that we were on the right track for our situation. If you think that your situation is uncomplicated, you may decide to use an online legal site to create your will. This is a great option if you are confident in your needs and it's easy on your wallet as well. One thing I will say about the online option is to make sure that you record your newly executed will at the Town Records where you live. An unrecorded will is not a valid will and therefore can be contested. When you use an attorney, they will make sure that your will is recorded for you.
I have to say that creating our wills was a humbling yet empowering experience for us both. It became something more than signing a document and checking off a box. It was a milestone in our marriage.
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