Based on a study conducted by BankRate.com, there are more than 70 percent of American adults who die each year without having prepared a last will and testament. Keep in mind that each state follows its own rules and regulations when it comes to handling the assets and property of the deceased if there is not a valid will on file. Not having one, therefore, will only make it that much more complicated for your surviving family members when it comes to probate, assets and estate taxes.
The State Will Own Your Stuff
In most areas throughout the United States, all of a deceased person’s assets will be surrendered directly to the state without a valid will on file. Not many people enjoy thinking about what will happen after they die, but it is imperative to make sure that you take time to plan accordingly. You may have a wide variety of valuables that you would love to leave as an inheritance for your future generations and close friends of your family. Whether it is a large sum of money or a priceless family heirloom, all of these valuables will end up in the hands of your state just because you never took the time to prepare a will.
Procrastination is a Horrible Idea
There are quite a few people that prolong will preparation, strongly believing that they will have plenty of time to take care of their estate planning in the future. Sadly, there are many families that have to find out the hard way that this is not the case because their loved ones actually had less time than their deceased loved ones thought. Timing is a significant element when preparing a last will and testament in order for them to be used as acceptable, legal binding documents, according to LegalZoom reviews.
When you prepare your will, you have to be sound in mind, act solely on your own free will and have witnesses present as you sign it based on the applicable law within your state. What you need to realize is that no one knows what tomorrow may bring or if they are even going to be able to mentally handle this type of task tomorrow. This is why procrastination is a horrible idea when it comes to making sure that your will is prepared and finalized right away.
Keep Your Options Open
The decisions that you make within your will today can be changed and updated as time moves on. It is not as if you are engraving these terms and conditions into wet cement. You will be able to make changes to your beneficiaries that are listed, for example, whenever the need arises. The key to remember, though, is that you just need to have something on file now. It would be much better for you to have an old, outdated will on file than to not have a will at all. Make the decision today, because tomorrow might be too late.