Washington State residents who are unsure as to whether they should have a will must be aware of the variety of issues that will come up and affect their loved ones and heirs should they not take the necessary steps for estate protection by crafting a will. Even those who do not have significant assets should have one. It is important to know the value of a will.
The value of a good estate plan cannot be undervalued in today's society. Kent area residents understand how important an estate plan is to preserve family assets and prepare for the future. There are certain items that make up a good estate plan.
Most Kent area residents understand the value of estate planning. But for those who haven't taken the time to get their affairs in order, it is National Estate Planning Awareness Week, which is a nationwide campaign to educate people that estate planning is not only for the very wealthy.
There are many people in the Kent and greater Seattle area who believe in the importance of helping others. Using an estate plan is one way to ensure one's legacy lives on for future generations.
Estate planning can help avoid litigation and other headaches for heirs in Washington. A well-drafted will helps prevent confusion and the expense and inconvenience of fights over probate or inheritance issues. Other documents should also be drafted for effective planning.
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.