More Americans Putting Their Legacies at Risk by Failing to Create Valid Estate Plans

Every year, people in Texas and throughout the United States die without having completed a valid will or establishing an alternative method of distributing their assets, such as a trust. This failure means that the decedent’s wishes might not be honored, because their property will be dispersed based on intestacy laws. Moreover, the lack of a suitable estate plan can trigger confusion and conflict among surviving family members.

When the COVID-19 pandemic swept through the United States starting in 2020, many people became acutely aware that a sudden injury or illness could leave someone without the time they need to draft a legal last will and testament. Accordingly, adults of various ages made estate planning a priority. However, a recent study shows that this trend has subsided and the percentage of Americans with a will is dropping, particularly within younger demographics. The research from Caring.com shows that only 43 percent of people 55 and over have a will, down from 48 percent in 2020. 

Estate planning is an important responsibility for any adult, not just seniors and the wealthy. You deserve to decide where the assets you’ve accumulated should go upon your death. Even if your family is not blessed with a great fortune, the funds and property you leave behind could be enormously valuable to someone you love. Likewise, though people who have not yet reached middle age often don’t think about estate planning, there are key concerns facing individuals in their 20s, 30s and 40s. These are the typical parenting years, and a document outlining guardianship preferences should be included within the estate plans of anyone with a minor son or daughter. 

Your attorney can make the will drafting process suit your situation and goals. Estate planning should be a continuing process, possibly starting with a simple will and expanding over many years to reflect changing relationships, financial circumstances and objectives. Don’t be someone who left their family in a bad position because they procrastinated. 

At Grob & Associates Law Firm PC, we create personalized wills, trusts and other estate planning instruments for Texas clients. To discuss the best ways to protect your loved ones and accomplish your goals, please call 972-777-5701 or contact us online. Our offices are in Rockwall or Wylie.