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Most Americans don’t have a will to their name

| Apr 18, 2021 | Estate Planning

It’s been estimated that 70% of citizens throughout North Carolina and the remaining 49 states do not have a will. While most people know what a will is, many put off ever making one. The reality is that every adult should have a will as part of a comprehensive estate plan.

Why do you need a will?

Many people are under the false misconception that only wealthy people need to undergo estate planning. That’s not the case, as most American adults have at least a few assets to their name. These assets may include your house, car, retirement account, checking account and even your baseball card collection. Upon your passing, these belongings won’t just naturally go to your family members. Without a will, many of your assets may end up in the hands of the state.

What about your children?

One extremely important reason to draft a will is to help ensure the future safety of your children. When you become a parent, the last thing you want to think about is leaving your young children at an early age. Unfortunately, it does happen sometimes and you should do your best to have proper legal documents prepared just in case. These documents can outline who is to receive legal guardianship of your children upon your passing. In addition, you can help to outline any specific financial accounts that are to be given to your children upon your passing.

As you’ve likely discovered, wills are an essential type of document for just about every adult in America. It’s never a good idea to just let your personal belongings and assets simply go to the hands of state probate officers. Rather, by simply constructing a will, you can ensure that your belongings go to who you want them to and that your children will be properly looked after in the event of your early demise.