Writing your Last Will and Testament is a very important step to protect your family and loved ones. It allows you to make key appointments, and also describe the distribution of your assets. But it is only step part of a complete estate plan.
At USLegalWills.com we offer a complete estate planning service – you are able to create all of the documents that you need in one place. In this article we will describe all of the documents that make up a complete estate plan. We will explain the role of each document, and let you know how and where you can create each document.
There is a difference between writing a Will, and creating your complete estate plan. Here are the documents that you need.
A Last Will and Testament
What is it?
A Last Will and Testament serves two important functions. It allows you to make key appointments, and then allows you to describe the distribution of your “assets” (everything that you own).
“A note on Privacy: the protection and security of the documents created on our web site are of critical importance. In particular, we cannot access any information contained in a specific Will, nor can we read a person’s Will. However, we are able to access aggregated data on planned giving from an encrypted database folder that summarizes the number of times particular choices have been made within our service. We cannot connect this information to individual accounts. It is this data that has been mined to provide the information in this post”
Background to our study
At USlegalWills.com, we help thousands of Americans create their Last Will and Testament. A Will contains a lot of important information, such as who will be the guardians of your children and who will receive your house after you pass on, and it can also serve as a great way to give back to the community upon your death. Leaving money or assets to a charity is called “planned giving,” which USlegalWills.com offers for all its Wills. According to the National Center for Charitable Statistics, in 2015, individual giving, which makes up the vast majority of contributions received by non-profit organizations, “amounted to $258.51 billion in 2014, an increase of 7.1 percent in current dollars from 2013.” Ever since the Great Recession in 2008, “individual giving has been increasing in both current and inflation-adjusted dollars for the last couple years, although it has not recovered to pre-recession levels.”
Actual word cloud from bequests made at USLegalWills.com
With this charitable giving trend on the rise, we were interested in the level of “planned giving” going on in the United States. According to Russell James, the number of people aged 55+ with a charitable estate beneficiary hovers between 5% an 6%.
Most people have not got around to writing a Will. According to a recent survey 64% of adults in the US do not have a Last Will and Testament. The more significant concern though is that in the younger age groups (people under 35) the percentage is much higher.
90% of Americans aged 18-34 do not have a Will
80% of Americans aged 35-44 do not have a Will
83% of single Americans with children do not have a Will
The primary reason for this is that young single people simply don’t feel that they need a Will, and of those that do, writing a Will is certainly not an urgent task. It ends up being something that they simply haven’t “gotten around to”.
Here are some considerations for young single people who fall into one of these two camps; the deniers and the procrastinators. Continue reading
Everybody knows that they need to write a Will, but the stats show that only about a third of adults in the US have managed to get it done. Some say it’s the cost that puts people off, others say that it’s finding the time to make an appointment. In our experience of fielding calls through our customer service center, the real issue is that most people have no idea where to start. A very common call we receive is “I know I need to write a Will, what do I do?”. Here we have ten steps to go through to prepare your Will.
1. Choose your approach
You can take one of three approached to write a Will. The cheapest is to use a blank sheet of paper, or a blank form kit, and fill in the blanks explaining what you want to happen to your things after you have died. Continue reading