As anyone who has created an advanced directive will likely know, the process of writing a will and creating such an advanced directive can be a complex one. This is so much the case that many people even feel intimidated by the prospect of creating something like an advanced directive along with a will, and will simply avoid the process altogether. For even more people, the creation of an advanced directive and a will alike simply doesn’t seem like all that of an important thing, as they are relatively young and feel that they have enough time to create a will and an advanced directive in their future years.
As a matter of fact, the majority of the adult population does not currently have any type of will in place, with around 51% of the population of those who fall between the ages of 55 and 64 without any type of will or advanced directive at all. Among younger people, the rate of those who do not have any type of will or advanced directive is even lower. In total, it’s estimated that up to 64% of the total adult population (including all of those who have reached the age of 18 or older) here in the United States is without a will, something that can – and has – easily prove to be disastrous in the event of tragedy.
However, the creation of a will and advanced directive can be hugely important for all people here in the United States, not just those who are getting on in years. In fact, it is even recommended by many a will lawyer that even those who are at or under the age of 45 should create a will as soon as is possible. After all, tragedy can strike when we least expect it and even young and healthy adults can die unexpectedly. If a will and advanced directive are not in place, it is likely that there will be lose ends that prove difficult to tie up, especially if the recently departed has a child or multiple children.
For people who have accrued a significant amount of wealth and assets over the course of their lives, undergoing the process of estate planning will also be very much important at the end of the day – especially in the case of unexpected death. Thorough estate planning is likely to be particularly recommended for those who have assets that reach six figures (or even higher, of course). The creation of a trust in addition to the writing of your will can be helpful to avoid both estate taxes and probate costs after your passing, something that can ease the burden that your family faces quite significantly – and a process that will ultimately allow them considerably more access to your overall wealth that has been accrued as well.
If you have a considerable amount of money, you might consider leaving monetary gifts as well. These gifts can exceed a value of $5 million, and all of this money that has been designated as a gift will fortunately be free of all taxes that could otherwise be applied to it. Therefore, leaving monetary gifts can be hugely helpful and ideal for many people looking to leave money for loved ones and family members here in the United States.
Of course, the process of writing out everything from a will to a trust to an advanced directive can seem more than just a little bit overwhelming. However, help from talented and experienced lawyers can be hugely beneficial for many people who still need to go through the above processes here in the United States. There are even lawyers who specialize in the writing of wills and trusts, and these are likely the ones whose services you should look to seek.
The services of a lawyer are likely to cost some amount of money, but this is a sum that is likely to be more than worth it at the end of the day. After all, the guidance of a lawyer can help your family and loved ones tremendously in the event that you pass away.