It is said that death and taxes are the two certainties of life. Everyone anticipates April 15th every year, and they take the appropriate steps to prepare themselves for this certainty.
However, for some reason, most people completely ignore the ramifications of the second one.
Caring.com conducts studies on an annual basis to measure the estate planning preparedness of American adults, and they have compiled statistics for 2024.
Widespread Unpreparedness
Many people do not put estate plans in place because they feel invincible while they are relatively young.
In reality, there are those that pass away in accidents, and some folks succumb to catastrophic illnesses before their time. Nonetheless, young people have traditionally put the matter on the back burner.
The survey found that 24 percent of people between 18 and 34 had wills, and the number was 25 percent for those between the ages of 35 and 54. Just 43 percent of respondents that were 55 years of age and older had wills in place.
Consequences of Inaction
If you pass away without an estate plan, it can trigger a cascade of negative consequences. The probate court would supervise the intestate estate administration process. They would name a personal representative to act as the administrator, and a notice would be posted for creditors.
The assets would be identified and inventoried, and this can be difficult if you do not leave final instructions. After valid debts are paid, the assets would be distributed under the intestate succession laws of your state (in our case, Arizona).
It is very possible that the assets would be distributed in a manner that is not in accordance with your wishes. Plus, there can be an additional negative fallout if you don’t have an estate plan.
Incapacity Planning
A properly constructed plan will address end-of-life issues that can arise. Do you want to be kept alive through the use of life-support if you are in a terminal condition? Is it possible that family members could disagree with regard to the best course of action under these circumstances?
You can assert your wishes and take a life-and-death decision out of the hands of your family members if you execute a living will. A durable power of attorney for health care can be added to name someone to make medical decisions that are not related to life-support usage.
A power of attorney for financial matters should be included, and you should add a HIPAA release to give your doctors the freedom to discuss your condition with your health care representative.
Take Action Today!
Some people do not take estate planning action because they do not know where to begin. Of course, many of the same people don’t know how to fix their cars, but they know how to contact a mechanic.
We can gain an understanding of your family situation and your objectives and explain your options so you can make fully informed decisions. Ultimately, you will come away with a custom crafted estate plan that ideally suits your needs.
If you are ready to get started, you can call us at 888-222-1328 to schedule a consultation at our Phoenix, AZ estate planning office, and you can fill out our contact form if you would like to send us a message.
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