Last year, we commissioned an independent study which showed that only 28% of Americans had a legal, up-to-date Will in place. Even if we took out the under 35’s from this survey, it showed that around two thirds of Americans did not have an up-to-date Will in place. The results clearly showed that most people don’t know when to write a Will, and that there is a common misconception that the best time to write one is later on in life.
When we looked specifically at under 35 year olds, nearly 90 percent of young American adults did not have an up-to-date Will in place!
Why are so many people woefully underprepared for their own death? Well, on a daily basis not many of us like to think about our inevitable demise. Frankly, Its just morbid and something that most of us don’t want to think about. Like going to the dentist or sitting an exam, there are some uncomfortable scenarios that we put off for as long as possible. Writing a Will should not be one of them, but it seems that the thought of going over your possessions and paying a lawyer is just too much effort for most people. Granted, writing a Will isn’t fun and when you’re young there are a million and one exciting things you would rather do but it’s really not such a long and laborious process as you might think. To help you see the benefits of having a Will we have outlined the reasons why you’re (almost) never too young to write one.
When to write a Will? Death comes to us all
You shouldn’t think of writing a Will as a once-in-a-lifetime activity. You do not have to wait for the perfect time when your family and financial situation has permanently settled down. We encourage everybody to write their Will today, and then update it throughout your life as your circumstances change. Continue reading
Why you should name guardians for children
Many people think the time to make a Will is when they’re old and two steps from the grave. That is not the case. Whenever anyone begins to acquire assets or income, they should think about a Will. On the personal side, whenever anyone becomes a parent, they need to anticipate that they may not survive until the child becomes an adult. It may be unlikely, but having a Will in place provides some insurance, and allows you to name guardians for children.
These are some of the main advantages of having a Will if you have children. If you have children, a Will is a must.
Naming guardians for children.
A guardian of is someone who takes the place of the parent and assumes the responsibility of raising the child until the child reaches the age of majority, typically 18 years of age. Raising the child means caring for their education, attending to all the child’s health issues, Continue reading
How much should you be paying for a Will? Why should you pay anything when just a few clicks away, you can find a free Last Will and Testament service? How can the exact same document cost $800 from an attorney, and absolutely nothing from a website? how do you choose how much to pay for your Will?
All interesting questions which we will answer in this article.
What is a Will?
To understand the variation in the cost of a Will, you have to understand what makes a document a Last Will and Testament.
A Will declares itself to be your Will. It typically appoints an Executor who is responsible for following the instructions laid out in the document. It then goes on to describe how you would like to distribute your things after you are gone.
To make this a legal document you must print it on a piece of paper, date it, and sign it in the presence of two witnesses, who both in turn sign the document. Continue reading
What are blended families?
Blended families is a term that includes families for whom one or both partners have children from a previous marriage. In other words, your spouse may not be the biological parent of your children. Blended families have become increasingly common, especially as the divorce rate in many countries including the United States hovers around fifty percent. There are several nuances that emerge when you write a Will for a blended family situation.
Blended families have to balance bequests between children from previous marriages and the current marriage.
Put simply, if you leave everything to your spouse in your Will, and they are not the biological parent of your children, there is every chance that their life would move on. There is then a distinct possibility that your children may not even be a factor in their estate plan.
Blended Families illustrated
Let us take the following scenario: