Creating a last will and testament is one of the more effective ways to have some control over what happens to your assets after your death. If you have children or other dependents, a will also can designate a person to act as their guardian. Still, for a variety of reasons, too many Americans put off writing wills, often until it is too late.
According to reporting from CNBC, almost 70% of adults in the U.S. lack a will. While this number is startling, it also is not difficult to understand. After all, Americans seem to be busier than ever nowadays. Here are three other excuses individuals often use for not drafting a will.
1. A fear of tempting fate
In some cultures, death is a taboo subject. Because a will deals with your assets after your death, you might think writing one is going to tempt fate. Having a comprehensive will is not going to hasten the end of your life, though.
2. A misunderstanding of your value
You might think you do not have many assets that are valuable. Regardless of your age, though, you have undoubtedly accumulated possessions that are meaningful to you. On the other hand, you might be undervaluing or even overlooking your assets. Writing a will gives you a prime opportunity to take inventory of everything you have.
3. A guilty feeling about your intentions
Whether you have substantial wealth or only a few assets, you probably want your wealth to go to those closest to you. If you have many friends or a large family, however, you might feel guilty about disposing of your assets. Still, having a will can prevent disagreements among those closest to you after your death.
Ultimately, regardless of the reasons you are waiting to write a will, finally tackling the project can give you some much-needed peace of mind.
