Estate Planning Offers Peace of Mind

A recent 2020 survey from Caring.com reports that the number of American adults (just 32 percent) who have a will or other estate-planning documents has dropped 25% since 2017.  Turns out many people say they do not know how to do it or worry it may be too expensive.  Others say they have not had time to do it, or think they do not have enough assets to make one necessary.  

A trust and estate attorney, Hugh Drake, a partner at Brown, Hay & Stephens in Springfield, Illinois and vice-chair of the Trust and Estate Division of the American Bar Association, says that while estate planning may not be fun, it does offer peace of mind.  He also explains, “It’s not the value of the estate that determines the need for a will;” but adds, “Knowing who will be in charge of resolving administrative issues and who will be the recipients of the assets will avoid a lot of anxiety, consternation and conflict among family members."

Experts say you do not need the services of an attorney, but if you draw one up yourself, you should have one review it.  In addition, they offer tips to avoid making preventable mistakes.   The first is to make sure you sign it properly.  This involves two witnesses who were present when you signed it, to sign it, and neither should be a beneficiary.  

Other pitfalls that may make your intentions unclear include not properly listing all your assets or not fully describing a particular asset or the name of the person to whom you want it to go to.  Additionally, many DIY wills do not provide alternatives for the death of the executor or beneficiaries.  By obtaining the services of an experienced attorney, most of these problems can be avoided.  

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Source: aarp.org/retirement/planning-for-retirement/info-2020/6-common-mistakes-people-make-writing-a-will.html