In 2007, Harris Interactive for Martindale-Hubbell conducted a research study and found that 55% of all adult Americans have no will in place. 

Through our own research, we have found that only a fraction of those who do have a will, also have a trust in place.  Further, of those who have the necessary documents of a will and a trust, a sizable portion of those people need to update and modify their documents. 

There are a variety of reasons that one might need to have revisions to these legal documents.  Divorce, death of someone who is mentioned in the will, assets mentioned in the trust have been sold or otherwise disposed of, or a “falling out” in a relationship with someone who is mentioned in a will have been a few of the reasons given for changes that need to be made.

Millions of baby boomers are amongst these people who don't have their affairs in order.  If they wait too long, their assets will end up in probate costing their estates millions in additional taxes and court costs.

Millions of children will have the court decide who will raise them.

Scary statistics for an aging population.

Some of the reasons we have heard from people for not wanting to create a will include:

Don't think it's necessary

Too complicated

Too expensive

Felt that telling others about their wishes would be adequate

Felt that they didn't have enough assets to worry about it

Didn't have time (other priorities)

Belief that their children or spouse will automatically inherit their assets

Not going to die anytime soon (plenty of time)

Of course, these are just a handful of the reasons that we have heard over the years about why people have not taken care of this important task.

Allow me to submit this thought for your consideration....  People procrastinate when it comes to a task that might seem daunting or unpleasant.

Often times, even the perception that it can create pain will make it easier to put it on the back burner. This is particularly true when you are considering something as far fetched as you actually dying.

Reality check anyone?



Kevin Halper