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Don’t put off writing your will

On Behalf of | Jun 14, 2024 | Estate Planning

Most New Jersey residents know they should have an estate plan, but a significant number of people of all ages still do not take this crucial step. While it is difficult to think about the inevitable in this way, there are great benefits to having a will. Once a person realizes how it can help them and their family, they will put aside the lingering hesitation and move forward with the process. Knowing how to do so it key.

Having a will makes things easier for loved ones

According to a recent study consisting of more than 3,000 people age 25 and older conducted by Boston College’s Center for Retirement Research, two in three people who took part do not have a will. While there are many reasons why a person might not choose to create a will or other estate planning document, a substantial number – 44% – stated that they failed to write a will simply due to putting it off.

The perception that a will is a complicated matter depends on how many assets a person has, their family situation and what their objectives are. In a will, a person’s property will be distributed as they choose. If they own a home, have bank accounts, have sentimental items, own automobiles or collectibles, they can decide where these properties will go. The same is true with a business.

People need to be aware that if they die without a will, their property will be distributed based on the intestate laws. That means items they might not have wanted to go to a specific person could still be inherited by them. What is even more troublesome is the number of people who say they intend to write a will. That comes to just shy of 80%. Still, people procrastinate and it can be costly in the long run.

Another issue is the misconception as to what people own. Many believe they do not own enough property to make it worthwhile. That, however, is often a mistake. When they do an inventory, they tend to have much more – and of greater value – than they initially believed.

Not having a basic estate plan is a mistake

Estate planning can seem like a complicated endeavor and people will put it to the side thinking that it is not urgent. This can lead to problems for their family and other heirs. Creating a will is easier than people realize and it is a positive act that will benefit them and their loved ones. Knowing what type of estate plan is suitable is key and may require professional advice to make the correct decisions and avoid mistakes that have caused problems for others in the past.

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FindLaw Network