More Than Half of Americans Don't Have a Will, Says New Survey by
FindLaw
MOUNTAIN VIEW, Calif., Aug. 15 /PRNewswire/ --
According to a recent survey by the legal web site FindLaw (www.findlaw.com),
59% of American adults don't have a will, giving them little control or input
into issues, such as what will happen to their assets and any minor children,
after they die.
A will specifies how your assets will be distributed after you
pass away, and who will receive them, according to James Kosakow, an attorney in
Westport, Conn. specializing in estate planning. Without a will, he continues,
the laws of the state and the decisions of a probate court may determine how
your estate is distributed, who will care for your children if they are minors,
and so forth.
"We work hard our whole lives to build a secure and
comfortable life for ourselves and our families," said Kosakow. "But
many people lack even a simple will to provide some control and planning for
their estates after their passing. If, for example, you want to donate certain
property to a charity, leave certain property to a particular loved one, or set
up a trust for your children, it needs to be specified in a will or trust.
"In addition, if you have considerable assets, proper
estate planning, including a will, can often reduce the amount of estate taxes,
leaving more of your estate to your beneficiaries," said Kosakow.
"Estate planning can also help your beneficiaries by protecting estate
assets from creditors, if the estate plan is properly structured."
The survey by FindLaw found that people are more likely to
have a will as they get older. Only 11% of people between the ages of 18 and 34
have drawn up a will. Among people 54 and older, nearly three-quarters (71%)
have wills. Retirees are also far more likely to have wills than people who are
working or are unemployed, according to the survey. Factors such as income and
education were not found to be significant factors in predicting whether a
person had drawn up a will.
Only a third of respondents with children (34%) said they had
a will. "A will is very important for determining the care of minor
children," said Kosakow. "Items such as who will be appointed as
guardian for minor children, and the terms of trusts for children, such as when
the principal will be distributed to children, are essential components of
thorough estate planning.
"Anyone with significant assets, or with concerns about
how their assets will be distributed or the care of their minor children should
consider consulting with an attorney to review their estate planning and ensure
their estate is in order," said Kosakow.
The national survey was conducted for FindLaw by the polling
firm of Ipsos-Reid Express using a representative sample of 1000 adults
nationwide, with a margin of error of plus or minus three percent.
SOURCE FindLaw Copyright © 2001 PRNewsWire. All rights
reserved.
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