If asked, the vast majority of people in Georgia and across the country would likely claim to be aware of the importance of estate planning documents. These documents can range from wills that indicate who will have custody of children and explain how assets should be distributed to powers of attorney which indicate who will make medical and financial decisions in the event a person becomes incapacitated. However, a recent survey reveals that a majority of adults in the United States do not have necessary documents in place.
The survey involved 1,000 adults respondents. While 81 percent of people age 72 or older indicated they did have a will, only 58 percent of people aged 53 to 71 did and most aged 18 to 52 did not. According to the survey, approximately 60 percent overall did not have a will.
When questioned about their lack of a will, surveyors heard two predominant answers. The first was simply that respondents had not "gotten around to it." On the other hand, just under 30 percent of respondents indicated that they did not think they had enough assets to merit creating one.
Regardless of a person's age or economic status, the creation of wills is one of the most important undertakings, especially if there are minor children involved. These documents can help ensure that their wishes are known in the event of their death while also relieving some of the stress that grieving loved ones encounter upon a family member's passing. An attorney with experience with estate planning can help people in Georgia create a plan that will address their needs.
Source: aarp.org, "Haven't Done A Will Yet?", Barbranda Lumpkins Walls, Feb. 24, 2017