I first published a version of the following post back in late 2023. I’d like to report that there has been a huge turnaround and that the majority of adults in the U.S. now have a will. Sadly, of course, that’s not true. The percentage remains steady: fewer than 50% of adults in the U.S. have a will, which, of course, means the other 50% are procrastinating for a variety of reasons.
A friend of mine shared that her sister not only has a will but also updates it whenever she goes on a vacation or a long road trip. Her rationale apparently is that she believes she is more likely to die in a traffic accident while out of town.
As an estate planning attorney, I am a strong proponent of keeping your will and other estate planning documents up to date, but I think my friend’s sister’s updates are excessive. And it doesn’t make sense. We have all heard the statistics, and honestly, the risk of dying while on vacation (okay, unless you’re participating in hazardous activities) is no greater than just staying in town. You can Google it and see that the average age at death is slightly younger during the holidays. Winter in some parts of the country brings higher risks: heart attacks while shoveling snow, falls on ice, and traffic pile-ups during snowstorms, but the risk of dying is pretty stable across the year, whether you are traveling or not.
So what’s my point? It’s simple … we don’t know when it will happen to us. Traffic deaths kill young and old. Tragedies of all kinds hit young and old. We all know this, but more than 50% of U.S. adults choose not to take the necessary steps to protect their hard-earned assets and loved ones.
I’ve written on this topic before about why individuals procrastinate getting their affairs in order. Some say it will take too much time. Others say that it will cost too much. Some don’t want to bring it up to a spouse or partner, thinking it will be too traumatic for them. Still, others don’t want to think about their mortality. I’d like to address each of their excuses:
TIME: It will require much less time than you think. Using my easy-to-complete questionnaires, we can often accomplish the standard estate planning process in two meetings: one to review your goals and directives and the second to sign the paperwork.
COST: Costs can vary depending on the scope, of course, but generally, the cost of not having a plan in place, not just in dollars but the emotional drain on the family, cannot even begin to compare. And that’s not even including the probate process; you could have avoided it had you had a plan in place.
SPOUSE / PARTNER CONCERNS: Of course, I can’t speak to your unique situation, but if we talk, maybe I can provide practical ways you can approach your loved one about the topic; I’ve worked with many couples and families over the years and have learned how to help ease some of the concerns.
YOUR MORTALITY: No one I know wants to think of their death. Who would? But I can tell you that the consequences of not preparing for it and ensuring you’ve protected your loved ones are considerably worse than ignoring it. A bonus – once you have put your affairs in order, you will experience a tremendous peace of mind that far outweighs your reluctance to deal with this. I promise you that.
So, unlike my friend’s sister, who, in my opinion, goes overboard in keeping her estate plan current, let’s talk about kick-starting your estate plan and how I can help you protect your loved ones. At the end of the day, it is really about them, isn’t it? Visit my website at www.davidlefton.com or call me at 513-399-7526.