Individuals mistaken their age and parental status for the reasons they shouldn’t write a will
No matter how much workers earn, if they have children or where they are in their journeys to retirement, Americans should take estate planning seriously — if not for themselves, then at least for their loved ones.
Estate planning can certainly be meticulous when there are millions of dollars involved, plenty of children and grandchildren to split inheritances or a long list of last wishes to make. But it’s also imperative with a modest lifestyle. “And if they don’t have a complex estate, it is really not as daunting as they may think it is,” said Jurianne Franqui, an estate planning attorney. “Just do it. Get started. Take one step at a time.
Cost might be a deterrent for some people, but working with a professional to create a will might be less expensive than the consequences of lacking an estate plan, Franqui said. “You can either spend it now or your descendents have to spend way more than that,” Franqui said. “Someone pays eventually.”The will is perhaps the most common estate-planning document. It’s what people look for when someone dies, and it could be the key to loved ones fulfilling the decedent’s wishes.
Estate planners and attorneys suggest working with a professional to create the will, as courts may have an issue with handwritten or do-it-yourself documents made with a software program at home. There could be specific language needed for certain wishes that an attorney practicing in the state would be familiar with and look out for when preparing the document. Individuals could also make mistakes or unknowingly omit pertinent information.
There might also be provisions, such as a “springing” power of attorney — those only take effect at a specific event, such as when someone becomes incapacitated. List everything you own of value as well as your liabilities , Arnold said. Then sit down, with your spouse if you have one, and consider what should go to whom and who in your life would be most capable of handling your affairs for you.
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