Are you ready to start estate planning and writing a will? Let's explore several dos and don'ts of the estate planning process.
When the topics of estate planning and writing a will come up, do you change the conversation? You’re not alone. Most people don’t like to think about their own deaths. In fact, only four out of ten U.S. adults have a will, according to a 2017 survey from Caring.com. However, it’s important to put your reluctance aside and write your will sooner rather than later. Without one, the state where you live will control who gets your hard-earned assets, and the outcome may not be what you intended.
You don’t want to leave your estate to chance, says David J. Dietrich, chair of the American Bar Association Section of Real Property, Trust and Estate Law. Just look at what’s happening with the estates of Prince and Aretha Franklin. Both died without a will. Now it’s up to the courts to determine the division of assets, which could take years and result in sizable attorney fees. Don’t leave your legacy to chance.