Most people know that dying without a will can lead to major probate challenges. Quite a few people know at least one person who lost a loved one who did not already have a will on record. They may have had a difficult time handling probate matters and may have experienced intense family conflicts related to the estate.
Intestate estates without a will or other estate planning documents are prone to family disputes. Family members may fight over specific assets or the most appropriate way to split up property. The conflicts they have can permanently damage their relationships with each other and may also substantially diminish the overall value of the estate. It can cost a lot to resolve a probate conflict in court.
Unfortunately, even though people know that wills are important, many people delay drafting them. The number of adults without a will is shockingly high in the United States.
How many people do not have an estate plan?
According to research conducted in 2022, approximately two-thirds or 67% of adults do not have a will. Many of those adults might insist that they intend to create one. However, a substantial portion of those people may die before they have an opportunity to draft documents. It is incredibly easy to procrastinate about estate planning. People worry that their circumstances may change. They also tend to find contemplating their death or a future medical emergency very unpleasant.
If they die before they draft documents, their loved ones may end up without guidance and may not even be able to receive property from their estate. The laws about distributing assets when someone dies without a will focus primarily on their immediate family members. Planning as early as possible is often the safest approach. It is possible to draft a will at any point in life after turning 18. The testator can then revisit the document and make changes to it as their families, finances or health circumstances change.
Instead of following the pack and putting off estate planning, it is more responsible to draft documents before they become immediately necessary. Taking the time to draft a will can help someone feel more confident about the protection of their loved ones should anything happen to them.