Are You Ready to Celebrate National Make-a-Will Month?
Empower Yourself with Peace of Mind This Month
Which Will Would You Choose?
If you or your loved ones have not yet created a will, you are not alone. In fact, according to a recent survey, not having created a will places you among the majority of Americans.
Like many Americans, you may be waiting for a major life event to occur before formalizing your final wishes into an estate plan. However, it’s advisable to tackle estate planning early and often, and with the assistance of an attorney, to ensure it serves its intended purpose and withstands legal scrutiny.
Why Fewer Americans Are Making a Will
Caring.com’s 2024 Wills and Estate Planning Study found that only 32 percent of Americans currently have a will—a 6 percent decline compared to 2023 and the first drop since 2020.1 The top reasons cited for not making a will include:
- Procrastination (43%),
- A belief that they are too poor or do not have enough assets (40%),
- Unsure how (16%), and
- Costs too much (16%).2
The Essentials
Anyone age 18 or older should have a will. Without one, the state decides what happens to your money, property, possessions, and minor children after your death. You lose the ability to decide critical issues like who is responsible for winding down your affairs, who receives your possessions, and who cares for your children.
Legal Assistance
Making a will is best handled by working with an experienced estate planning attorney. A simple will is less costly than you might think, especially when you consider the potential costs of not having one.
Types of Wills
Your will can be typewritten, handwritten, or even stated verbally, though legal requirements vary by state:
- Formal Wills: Recognized in every state and typically require being typewritten and signed by the testator and two or three witnesses. Some states also require notarization.
- Holographic Wills: Written and signed in your own handwriting. Not all states recognize them, and those that do have varying requirements.
- Nuncupative Wills: Stated orally and usually recorded or witnessed. Most states do not recognize oral wills, and those that do have strict criteria, such as for members of the armed forces actively engaged in combat.
Potential Issues with Oral and Handwritten Wills
Handwritten or oral wills, often created in emergencies, can lead to significant problems due to mistakes and ambiguities. They are more prone to disputes, exemplified by the estate of Aretha Franklin, whose handwritten will led to prolonged legal battles despite Michigan recognizing such wills.3
Professional Planning for Life’s Biggest Decisions
Every estate plan is unique. Whether you need to create a will, convert an existing informal will into a formal one, or update your will due to life changes, our estate planning attorneys are ready to assist. Contact us to schedule a meeting and secure peace of mind for your future.
