Most young adults in Massachusetts believe they have their whole lives ahead of them and have plenty of time to take care of estate planning at some point in the future. Moreover, they may not believe that they have anything of value. However, if they have personal belongings, a car and maybe a checking account, they have assets. Wills keep family members from having to obtain court permission to distribute those assets.
As a person goes about his or her life, he or she may not think there is enough time to create an estate plan. It could be a task that is on his or her to-do list, but it keeps getting pushed to the bottom as other things take priority. After all, no one wants to spend time thinking about his or her demise.
A person may be intimidated by the estate planning process and, therefore, choose to avoid it. What he or she may not understand is that, without a will, Massachusetts law decides who receives his or her assets upon death. Further, family will need to spend additional time and financial resources obtaining court permission to settle one’s estate.
No one knows when he or she is going to die, and therefore, it is better to be prepared for the unexpected. Wills provide a certain amount of peace for family members since they will not need to guess the intentions and wishes of a loved one. Moreover, the individual creating the estate plan maintains control of who receives his or her assets.
Source: The Huffington Post, “Why We Avoid Estate Planning“, David A. Dedman, Feb. 26, 2015