Sooner or later, all of us are going to die – but most of us don’t have a will.
In fact, only 42 percent of the adults in this country have prepared estate planning documents, such as a will or living trust, according to a new study from Caring.com.
The main reasons people gave for not having a will were: they hadn’t gotten around to it yet and they didn’t have enough assets to leave to anyone.
“If you don’t mind letting the government decide what happens to your stuff, if you’re not there, then you don’t need a will,” said Katie Roper, vice president of caring.com. “But most of us would prefer to have some say over what happens.”
It’s not just what happens to your assets. It’s also who takes care of the kids. And that’s the really scary finding in this survey. Only 36 percent of the people with young children have a will.
“If you don’t deal with this, you’re potentially leaving your children and the people caring for them with a terrible mess,” Roper said.
It’s critical for anyone with children or financial assets to have a will.