by Brandon Culter
More Than Likely - You. Does any of this sound familiar? “I don’t need estate planning, I’m single.” Or, “I don’t have any children so my spouse will get everything anyway.” Or, I don’t have an estate that needs planning; I don’t own very much.” Or, “I’ll get around to planning my estate but I’m just too busy right now.” Or, “I had my planning done 10 years ago so I’m good.”
As it turns out, very few Americans have even the basic foundations of estate planning. An estate planning survey was conducted in 2007[1]. According to the survey, over 55% of all adult Americans have no wills. Three in five adults (60 percent) have no living wills in place. Three in five (60 percent) American adults have no power of attorney for healthcare purposes.
The reasons given in the survey for not addressing estate planning were just as surprising (or not). One in ten (10 percent) American adults who do not have any elements of an estate plan say it’s because they don’t want to think about dying or becoming incapacitated. Similarly, nearly one in ten (9 percent) adults say they don’t have an estate plan in place because they don’t know who to talk to about creating such documents. Nearly one in four (24 percent) of adults say their biggest reason for not having an estate plan is a lack of sufficient assets.
In reality however, unless you are under the age of 18 and, thus, prohibited by law to create an estate plan, or you have stumbled across the fountain of youth - you need planning. Every adult no matter whether married or single, with children or without children, old or young, or rich or poor needs planning and needs it now.
Of course, you can gamble that you will get around to it eventually, maybe you will and maybe you won’t. However, failing to address your planning puts your estate and your family (whether your family is just parents, a spouse or children) in a precarious position. Failing to plan puts your decisions in the hands of the State.
If you don’t plan your State has a plan for you.
The State has ways to determine who makes your medical decisions if you cannot.
The State has ways to determine who makes end of life decisions for you.
The State has ways to determine who controls your assets if you’re incapacitated.
The State has predetermined who gets your assets upon your death.
And of course, the State has ways to determine who takes care of your minor children upon your death.
Let me assure you, in most cases, the State’s plan is not the way you would have addressed your planning. It's time. Contact us for a Free 45 minute consultation to discuss your estate planning needs and desires. Reach us at info@culterlaw.com.
[1] Conduced by Harris Interactive® for Martindale-Hubbell® lawyers.comSM