The American Bar Association reports that 55 percent of Americans do not have a will or other estate plan in place when they die. Rocket Lawyer, an online legal service provider, says that the statistics are about the same for families. According to one survey they completed in 2014, Rocket Lawyer says more than half of American families with children do not have a will.
The reason most Americans said they didn’t have a will, according to the survey: “They just haven’t gotten around to making one.”
A recent article in the Denver Post argues that the consequences for procrastinating can be devastating. One expert argues, “There is no guarantee who will inherit your assets. You also put your children at risk of being placed in Child Protective Services or in the custody of someone you may not feel is fit to fill your parental shoes”.
Estate Planning offers greater protection than wills as it allows families to set up a durable power of attorney for both medical and financial decisions, as well as, allowing families and individuals to clearly define who will inherit their assets.
Read more on this topic at The Denver Post.