More Adults Should Be Creating Estate Plans

Do you currently have a will, advance directives, and other essential estate planning documents? Do your elderly parents have these documents in place? Estate planning — and creating a handful of documents in particular — is crucial for adults of all ages in Connecticut. Whether you are a parent of a minor child in your 30s, 40s, or 50s, or you are currently in retirement, certain estate planning documents are extremely important to protect yourself and your loved ones. However, statistics suggest that most people do not have a will, and even fewer have advance directives. In short, more adults should be creating estate plans. Our Canton estate planning lawyers can tell you more.

Not Enough Americans Have Wills or Advance Directives

Myths commonly circulate about estate planning, including that estate planning is only for Connecticut residents who are members of particular groups. For example, many people operate under the misconception that wills are only for older people or high-income families. This misconception, based on the numbers, seems to prevent more people from making wills. Indeed, according to statistics from Gallup, only about 46 percent of adults in the United States currently have a will — fewer than half of all adults in the country. Of those who do have a will, a large majority are elderly adults or those with earned or inherited wealth, according to Gallup. The data also suggests that more college graduates, compared to college non-graduates, have wills.

Even fewer adults have advance directives, which are important documents that allow adults to make health care decisions for the future. In Connecticut, advance directives include the appointment of a health care representative, a living will (also known as health care instructions), and document of an anatomical gift. According to a study in the journal Health Affairs, only about one out of every three adults has completed advance directives. People with chronic illnesses are more likely to have completed advance directives, but only about 32 percent of adults who do not have chronic illnesses have these critical documents in place.

Risks of Failing to Make an Estate Plan

What happens if you do not have a will or advance directives, or other estate planning documents like powers of attorney? There are various consequences that you most likely want to avoid.

If you die without a will in Connecticut, your assets will be distributed to beneficiaries based on Connecticut intestate law. To be clear, the state will decide who gets your property. In addition, if you do not have a will and you die while you still have minor children, you will not be able to say who you would have wanted to serve as guardian. The state will again step in. With a will, you can identify your assets and beneficiaries to whom they will be distributed, and you can name a guardian for your minor children.

If you become ill and do not have advance directives and have not identified anyone to serve as conservator or power of attorney, your family members will be left in an extremely difficult situation in making decisions about your health care and finances. Moreover, they might ultimately make decisions that you would not have wanted. You can avoid any distress or controversy among your family members, while also giving yourself peace of mind, by creating advance directives and powers of attorney with a lawyer’s help.

Contact a Canton, Connecticut Estate Planning Attorney   

Do you need assistance making an estate plan, or help with estate planning for an elderly parent? An experienced Canton estate planning lawyer at the Law Office of Brian S. Karpe can speak with you today.

Sources:

news.gallup.com/poll/351500/how-many-americans-have-will.aspx

pubmed.ncbi.nlm.nih.gov/28679811/

portal.ct.gov/-/media/ag/health-issues/advdirectivescombinedform2006alt-pdf.pdf?rev=1475e3fcefa446ca8d07e3160f6102ad&hash=B9F8DDDDACABFA1FE24E615C355FED2D