Dying Without a Will

Dying Without a Will

May 26, 2023

By Melinda Gustafson Gervasi

Image by M. Gustafson Gervasi, 2023 

Survey Says! According to a 2022 survey by caring.com, 67% of Americans do not have a will even after the COVID-19 pandemic increased everyone's awareness that no one's tomorrow is guaranteed. Of those surveyed who did not have a will, 40% of them cited "not having gotten around to it" as the reason they did not have an estate plan in place.

Dying without a will means you lost control over:

• Who act as your Personal Representative (that is the term we use in Wisconsin, other states use the title of Executor);
• Where your minor children and or pets will live and be cared for; and 
• What will happen to your assets.

Estate planning, the process of writing documents that say who is in charge and what happens if you are alive but too sick to act (powers of attorney) or if you die (will or trust), boils down to one simple word, control.  When you set aside the time to make these decisions and put them in a legally binding format, you take control.  If you never get around to it, then you are leaving the decision making to the court system.  

Here are 3 tips on how to prime the pump and join the minority of Americans with a will:

1. Educate yourself by reading books from the library, watching YouTube videos on the topic or attending an in-person seminar;
2. Take it bit by bit -- tackle powers of attorney first, then review beneficiary forms, and end with writing a will.  Breaking down a huge task into smaller projects is often more doable; and
3. Outsource -- hire an attorney who focuses on estate planning to draft the necessary paperwork.  Ask family and friends for a recommendation or see if your favorite CPA or financial planner has a name to share.

Remember that a blog is meant to spark thought and discussion, it is not legal advice.  Please consult with a licensed attorney in your home state for legal advice specific to your situation.  Be well and thank you for reading.  If this is helpful, consider sharing on social media.