Families have changed and more couples in Kent have decided not to have children. This presents new issues for estate planning because, among other things, these couples tend to have more education and higher incomes. Childless couples will save the estimated $233,000 cost of raising, without college tuition, a child who was born in 2015.
Drafting a will is an important part of estate planning for anyone in Kent, regardless of their assets and income. While some people may think they don't need a will, there are actually many good reasons to consider drafting one.
There are many reasons why Washington residents may have put off executing a will. Facing one's death is not always easy, and making decisions on the distribution of property to specific heirs can also be difficult. In addition, in many jurisdictions drafting a will has not kept up with technology. In fact, a high number of American who do not have wills. According to a Princeton Survey Research Associates survey in January 2017, 58 percent of adults in this country do not have a will.
The prudent step of drafting a will or power of attorney aids a person's family in Washington. However, this planning is worthless if the location of these documents is kept secret from family members.
Although many residents of Kent know the importance of having a will, many still have not created one. Only 58 percent of baby boomers have estate planning documents and the numbers get worse as people get younger. Sixty-four percent of those aged 37 to 52 do not have a will, and 78 percent of those 18 to 36 do not have a will.
Many Kent area residents are concerned about what will happen to their estate after they pass away. A person amasses their wealth over decades, and it is important for them to make sure it passes to their heirs with a minimum of issues. But, for those who do not plan ahead by creating a will and other estate planning documents, a significant portion of an estate can be lost to taxes.
Thinking about the future is not always easy for residents in Washington. It can even be more challenging to think about what will happen after your death. However, estate planning is often an essential step, and a will is a vital tool when it comes to directing the distribution of your property and assets after your death.
As Kent area residents gather together this week to celebrate Thanksgiving, this time of the year is also a good time to have hard conversations. One topic that can be hard to discuss is estate planning. But having these conversations with aging parents is important.
When a Kent area resident goes through the process of making a will, they do it believing that their will will hold up after their death. Most of the time this is what happens, but occasionally someone will contest a will, can which put a deceased person's final wishes at risk.
The growing trend in the Kent area and across the United States is for couples to live together and not necessarily get married. Cohabitation with a partner rose 25 percent between 2000 and 2010. In these situations, estate planning, such as a will, is important.