The 2025 Caring.com survey that measures estate planning preparedness found that just 24 percent of Americans have wills in place. This is an eye-catching nine percent decrease over the 2022 number, and one out of four people without a will say they will never have an estate plan
These are some disturbing figures when you consider the fact that passing away is one of the sure things in life. Let’s look at four reasons why everyone should have an estate plan to cover their bases.
Protecting Minor Children
A lot of the people who participated in this survey stated that they did not have enough money to be concerned about estate planning. This is understandable, but it is not acceptable when you have minor children who depend on you for everything.
Parents of children who are still under the age of majority have a responsibility, and estate planning is part of it. From a financial perspective, you may not have a lot of wealth, but you can certainly purchase affordable term life insurance.
A living trust can be the beneficiary of a life insurance policy, and a trustee you name can manage assets on behalf of your children if necessary. There is another option in the form of the testamentary trust, which is a trust that is contained within a will.
Speaking of a will, you need one of these documents as well even if you have a trust if you are a parent of a minor child. You can name a guardian for your child or children in a simple will, and this is another important consideration.
Avoid Intestacy
If you pass away without any estate planning documents to direct the distribution of your assets, the condition of intestacy would exist. The probate court would supervise the estate administration process, and they would name a personal representative to act as the administrator.
After final debts are paid, the assets that remain would be distributed under the intestate succession laws of the state of Arizona. Under these circumstances, your true wishes may not be carried out, and people could be unintentionally disinherited.
In addition to this potential outcome, in a general sense, you leave behind a confusing situation. A convoluted and complicated process will unfold, and it could have been easily avoided.
Protect a Spendthrift Beneficiary
Let’s say that your only son, who is an adult, is not good with money. If he receives an inheritance after you die intestate, he would receive a lump sum. There would be no asset protection or spending safeguards going forward.
On the other hand, if you establish a revocable living trust, you can include spendthrift protections. The trust will become irrevocable after you die, and the principal will be protected from your son’s creditors.
If you choose to do so, you can instruct the trustee that you name to distribute limited assets over an extended period. In this manner, your son would never have a great deal of money at any one time, and this will prevent reckless spending that could yield very negative consequences.
Planning for Incapacity
Possible incapacity is an unfortunate fact of life for elders. Over 30 percent of the oldest old have Alzheimer’s disease, and there are other forms of incapacity.
If you do nothing to prepare for this eventuality, the state could be petitioned to appoint someone to manage your affairs. To prevent this, you can include durable powers of attorney in your estate plan.
With these documents, you can name an agent to handle your healthcare decision-making and a financial representative. The same person can assume both roles, but this is not required.
Schedule a Consultation With a Tucson, Flagstaff, or Phoenix, AZ Estate Planning Lawyer Today!
Our doors are open if you are ready to work with an attorney to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 888-222-1328.
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