Life can be beautiful, entertaining, and truly amazing. Unfortunately, it can also be quite sad, as death can strike at anytime. These aren’t exactly topics people enjoy talking about or even thinking about, but since it is a reality, it’s important to at least broach them in order to plan for the future. Every adult in America should have a will in order to distribute their assets in the event of their death. This will help ensure the family of the deceased will be taken care of and secure for the future. Sadly, not every adult in America has a will — not even close. Approximately 78% of millennials between the ages of 18 and 36 and 64% of Generation Xers between the ages of 37 and 52 do not have a will. Here are some frequently asked questions pertaining to wills, trusts, and general asset distribution:
- What are some of the reasons Americans don’t have wills? — When it comes to elderly individuals who don’t have a will, according to an American Association of Retired Persons (AARP) survey, nearly 35% of respondents claimed that procrastination is the main reason that they don’t currently have a will. Similarly, for younger individuals, 29% of those without a will stated that it was because they “don’t have enough assets to leave anyone.”
- Do I have to do everything myself? — No, not at all! Though these conversations are difficult and uncomfortable, there are wills attorneys out there that can help you from start to finish. Keep in mind, however, it’s important to make your wishes clear when consulting with your wills attorney. Making your voice heard is essential so you won’t have to worry about your family’s future in the event that anything happens to you.
- What qualifies as a “small estate”? — A “small estate” isn’t just a description of someone’s financial situation, it’s a legal term. A “small estate affidavit” ensures that your property can be transferred without going through the traditional and time-consuming probate process. In Colorado, estates valued at or under $50,000 are considered “small estates” and do not require probate. Larger estates need to go through probate process before assets can be distributed, unless an uncontested will has been left.
If you want to find out more about crafting a will and a trust, as well as speak with wills attorneys, give The Duncan Law Team a call right away.