Did you know that less than half of all adult Americans have a will or other estate plan? In fact, only 32% of Americans and 28% of those aged 65-84 have a valid will or estate plan. There are many reasons for this, mostly based on a lack of knowledge. Assuring that your possessions and memories are cared for the way that you wish makes estate planning a wise and thoughtful action.

Here are some reasons people fail to plan their final affairs: 

State law will take care of it. Through “intestacy laws” your state will determine how your estate is distributed if you do not have a plan. But the state’s plan will not be what you had in mind. For example, if you do not name a guardian for your children, the state will appoint one. This process, known as “probate,” can be long, expensive, and painful. Even under the best of circumstances, probate can cost up to 10% of your assets.

My heirs will not fight over my things. It is too late to ask about your intentions when you are no longer here. 35% of adults in the U.S. say themselves or someone they know experienced familial conflict because an estate plan or will was not in place. Your estate plan is your opportunity to make your wishes clear while reducing uncertainty and anxiety for your loved ones. In addition, invaluable sentimental objects are usually subject to probate. State laws treat your great-grandfather’s watch the same way they treat a set of steak knives. 

My estate will pay expenses and taxes. Yes, but those costs will reduce the amount you leave to your heirs. A wise and well thought out estate plan will minimize expenses and taxes, creating both additional funds and peace of mind for your family and loved ones.

My estate is simple. It should not be a problem. Without a valid plan, your estate is open to challenges and lengthy legal proceedings. Even a simple probate case takes at least six months to settle. Complex cases can take several years. In addition to not receiving the benefits of your estate, your family and loved ones endure uncertainty, instability, and frustration that entire time. 

Your plan is your best opportunity to say what happens to all that you spent a lifetime accumulating. If you do not have a plan, or if you have not reviewed your plan in a while, it is important that you do so.

We are here to help you take your first steps and get you started on your way. We encourage you to find a trusted financial advisor and attorney who can help you with the information you need. We have sample bequest language you can share with your attorney if you would like to remember the Christian Brothers of the Midwest in your plan.

Contact us today to learn more about creating a thoughtful estate plan.