Are You One Of The 50% Of Americans Who Will Die Intestate?
- By Nathan Randall
- Published 01/18/2012
- National, State, Local
- Unrated
You may be wondering, "Golly gee, I don't have many assets, so do I really need a will?" The answer is most emphatically, "YES!" Keep in mind that a will is a legal document which sets out your wishes and desires and provides a detailed outlining for the distribution of your property and assets upon your death.
Although creating a will is not a difficult process, about 50% of all Americans die without one according to the Federal Citizen Information Center. If you die without a will, it is called "intestate". "So what?" You don't have many assets anyway, you are saying to yourself, right? Well, if you did "intestate", the court takes over and designates your property based on laws of your state, which may or may not coincide with your wishes.
If you have no apparent heirs and die without a will, it is possible that the state will claim your assets. This can be easily avoided.
Wills Are Not Just For The Rich
Your will ensures that your assets will go to your family members or other people or organizations which you designate such as worthy schools you attended during your lifetime, charities which do excellent work in our society or fou
ndations that are in need of additional funding in order to continue to benefit the under served member of society.
The fact is that whether or not you have a lot of financial assets, it's likely you have possessions that have sentimental value to you and your loved ones. Think about this for a minute, what happens to the ring which your great, great grandmother brought with her when she immigrated to this country, or who will end up with the Bible that has been handed down in your family for generations. These momentos of your life are important to the loved ones who are left behind. They will appreciate your thoughtfulness. Setting your wishes down in black and white is a tribute to your care and concern for them during a difficult time when they are faced with grieving a terrible loss.
Take the time now to research a convenient online service that allows individuals to create a free last will and testament. For families with more specific estate planning needs, there are low cost tools available such as the virtual vault which includes:
making UNLIMITED changes to your Will;
secure storage of your personal information;
a will locator service to ensure that your will is found when it's needed most;
a free living will.
Although creating a will is not a difficult process, about 50% of all Americans die without one according to the Federal Citizen Information Center. If you die without a will, it is called "intestate". "So what?" You don't have many assets anyway, you are saying to yourself, right? Well, if you did "intestate", the court takes over and designates your property based on laws of your state, which may or may not coincide with your wishes.
If you have no apparent heirs and die without a will, it is possible that the state will claim your assets. This can be easily avoided.
Wills Are Not Just For The Rich
Your will ensures that your assets will go to your family members or other people or organizations which you designate such as worthy schools you attended during your lifetime, charities which do excellent work in our society or fou
The fact is that whether or not you have a lot of financial assets, it's likely you have possessions that have sentimental value to you and your loved ones. Think about this for a minute, what happens to the ring which your great, great grandmother brought with her when she immigrated to this country, or who will end up with the Bible that has been handed down in your family for generations. These momentos of your life are important to the loved ones who are left behind. They will appreciate your thoughtfulness. Setting your wishes down in black and white is a tribute to your care and concern for them during a difficult time when they are faced with grieving a terrible loss.
Take the time now to research a convenient online service that allows individuals to create a free last will and testament. For families with more specific estate planning needs, there are low cost tools available such as the virtual vault which includes:
making UNLIMITED changes to your Will;
secure storage of your personal information;
a will locator service to ensure that your will is found when it's needed most;
a free living will.
Nathan Randall
Nathan Randall, editor, DailyDollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the DailyDollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
View all articles by Nathan Randall