Key Takeaways
- A whopping 78% of millennials do not have a will or advance directives in place.
- Without these, your loved ones may run into legal issues if you become incapacitated or pass away.
- Think of a will as a love letter to your family, taking care of them after you’re gone.
AARP came out with an article that cited a Caring.com survey examining the number of Americans who have a will or living trust in place. They found that 78% of millennials do not have a will or any advance directives, such as powers of attorney for healthcare and for property.
Could this be correct? Well, it sounds about right, if you think about it. People tend to think about the need for a will once they have children. Perhaps they’re going on a trip without their kids for the first time, and it dawns on them: what if the plane goes down? What happens to the kids? Better get a will!
Well, this shouldn’t be the only reason for having a will in place. It’s something everyone should have, regardless of whether they have children, and it shouldn’t be an afterthought. Think of a will as a love letter to your family, your heirs, the people you care most about in life. That’s really what it is – a way to ensure things are cleaned up a bit, one less thing for them to deal with, and a way to show you wanted to ease their burden.
Powers of attorney are equally important. The same AARP article points out that only 41% of millennials have health care power of attorney. Without powers of attorney in place, if you’re incapacitated, your loved ones may have to go to probate court to obtain the legal authority to make decisions for you – and it could be contested. Add to this stress the fact that decisions aren’t being made while this is going on.
If you don’t have a will or powers of attorney and are taking the steps to put them in place, try to avoid the online DIY versions where you don’t speak to an attorney. If you make a mistake with your will, it becomes null and void, so it’s important you hire an estate planning attorney to work with you. It’s more expensive, likely running between $500 and $1,500 for wills for you and your partner, plus additional costs for advance directives, but it’s worth it.
So give this some consideration. It’s an important subject, and if you look at it as a love letter to your friends and family, it’ll make a lot more sense. Until next time, enjoy.
Gary
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