A will is important for people of all ages and financial status, but it is often overlooked because it is a difficult topic to think about or people assume it doesn’t apply to them. A recent study finds that only two thirds of individuals above age 70 have a will. This represents a significant difference from the mid-1990s, when nearly three quarters of all families had a will in place.
Estate planning is also less common in specific communities, especially for Hispanic and black individuals. The inheritance talk may seem awkward and uncomfortable, but setting the right expectations for children as well as having conversations about who is appointed in key roles, such as power of attorney agents can help defray problems in the future.
By getting all of your family on the same page about your estate planning intentions, there is a much greater likelihood that your wishes will be followed in the future.
As you get older, it’s important to think about key decisions you can include in your life planning as well as estate planning. You might have specific wishes
With no will in place, arguments can break out among family members and the process of probate can be costly and frustrating. Find an estate planning attorney in your area to discuss creating a simple or complex estate plan. It may take much less time than you think and will give you significant peace of mind.
Our estate planning lawyers in Pasadena leverage years of experience to help you create personalized, holistic plans that reflect your present and future.