The Covid-19 pandemic has produced a rise in estate planning.
To that point, a survey conducted for LegalZoom.com found that 32% of young people ages 18 to 34 said they got a will because of Covid-19. What’s more, 21% of that age group also drew up a will specifically because they or someone they knew had Covid-19.
Of Americans who do have a will, just over a quarter, or 26%, got one because they were fearful of serious illness or death related to Covid-19.
However, the majority of Americans still do not have a will.
The LegalZoom.com survey found that 62% of Americans don’t have a will and, of those who do, 12% created them in the past 12 months — and 44%, in the last five years.
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Many people mistakenly believe that they don’t have enough in assets to warrant a will, or that their money will automatically go to their next of kin. Both assumptions are wrong. It is crucial to get the facts and put planning in place to protect those you love and ensure that you are the one to decide how your possessions and money will be distributed.
Fact #1: If you die without a will, the state writes one for you, according to the intestacy laws of the state where you reside. For example, in New York, the assets you own would be passed to a surviving spouse and your children, but in Texas, your assets would be entered into the state’s intestacy probate process, and your property would be divided by your relatives. So, if you don’t want the wrong person to have ownership of your estate, write up a will, now, while you are of sound mind.
Fact #2: You are never too young to have a will. It would be nice to live a long, long time, but there is always the chance that you won’t. Unless you have a will, your heirs may be left with a tangled mess that they will have to unravel. If you own anything, at any age, you should have a will in place.