If you haven't gotten around to writing your will and creating a few other essential estate planning documents, you aren't alone. It's estimated that 60 percent of Americans currently don't have a will. In fact, the younger you are, the less likely it is that you have one.
Let's face it: Everyone needs a will. You should also have a power of attorney for health care in place, just in case you're unable to direct your medical care for some reason.
Further, you should have a financial power of attorney, just in case a sudden accident or other event leaves you unable to handle your financial affairs. That could mean the difference between keeping your apartment while you're in the hospital and losing it, for example.
So, why don't people get these kinds of documents in place? Here are the most common reasons:
- Procrastination: There's always plenty of time to get around to drafting a will -- until there isn't. People die in accidents all the time. Others have heart attacks. You shouldn't assume that you've got more time.
- Fear: It's hard to talk about your own death. Maybe you're worried that you'll tempt fate. However, you're tempting fate even more by not protecting yourself and your loved ones from the inevitable.
- Money: There always seem to be other bills to take care of that are more important. However, the potential cost to your family could be substantial if you die without a will.
- Mistakes: Maybe you mistakenly believe you have nothing of value to pass on. The odds are good that you have personal items others would deeply value.
Do any of these reasons ring true to you? If so, you should determine what documents should be part of your estate plan. For more information, we invite you to review our site.