It is extremely important to Draft A Legal Will. So, why do so many people procrastinate. Some mistakenly assume that their family will just divide everything equally and everyone will get something. Unfortunately, if someone dies without a will in place, the decision to divide their assets will be handled by the courts instead. They decide who will receive a person’s money and assets, who raises their children, and what happens to their property.
No one likes the thought of making their “last will and testament” because it means they acknowledge that they are human and not meant to live forever. However, drafting a legal will does not signal the end of life and everything it stands for, it is a living document that can change as your life changes over a period of many years.
This is especially important if you have a life partner and are not married as some states/provinces do not recognize domestic partnerships and your assets would go to the state (or the Crown, if you live in the UK or Canada) in the absence of a will.
Here are a few reasons people drag their feet when it comes to making life decisions:
They Believe They Don’t Need One
There are a lot of people who think that having a will isn’t a necessity. About half of the aging adult population in the US doesn’t have a will, and 60% in the UK don’t have one either. Even if you’re single with no assets, your funeral will still cost money and who is going to pay for it? If you have any preferences concerning your obituary, headstone, or funeral services this allows you to designate what you want done.
A will coupled with life insurance will cover your funeral services and give your family some financial relief from any debts you leave. Without clear instructions, your family will be left to try and decide what you would have wanted and this causes a lot of stress and fighting amongst the members.
They Just Haven’t Thought About It
A lot of times we just don’t think about what happens after death and haven’t considered that things might not go the way we intend. If you’re married you assume that everything will go to your spouse…sometimes it does but not always. The consequences of not having a will can be huge, especially with complex family situations like step-children, adopted children, former spouses, and etc.
When a person dies without a will, their assets (money and property) known as their “estate”, will be placed in the hands of the probate court to decide who gets what. The whole of the estate may just go to the state to be used at their discretion if there are no relatives named or identified. This is reason enough to start thinking about making a will.
They Are Afraid of Tempting Fate (the evil eye)
This is based on the fear that drafting a legal will somehow means that they are nearing the end of their life. They view wills as being for “old people” not those who are active and in their 30s.They secretly fear that something will happen to them as a result of doing it like contracting a disease, being hit with a financial crisis, or some other form of catastrophe.
They Don’t Want to Discuss Intimate Details with A Stranger
We’ve all seen those commercials on TV for life insurance and don’t want to discuss our private details with a stranger. If you don’t have an attorney, you may be afraid to sit down and talk about your final wishes with someone you don’t know. It’s an understandable concern, but this doesn’t have to be the case at all.
Mistaken Belief That They Don’t Have Enough Money or Assets for a Will
Some people think that only the rich people need wills, that persons with fewer possessions can’t afford one. Even if you don’t have a large bank account, you most likely have a few possessions you’ll want to go to specific people such as friends, family members or even charities. A will gives you control over your estate, and where all of these items end up after you’re gone.
Many people undervalue their assets and possessions, especially if they have only one house, car, and etc. You don’t need to be rich to make a will, and you should be the one to decide who to give your house, car, and money in saving accounts to after you die. Take control of this part of your life and stop making excuses. Thinking that you don’t need a will is a mistake that can cost you later on down the road.