There are plenty of reasons why people do not write wills, as evidenced by the fact that most people don’t have one. Some think it will cost too much. Others do not know where to start. Others think that they don’t have enough assets for it to be important. Still others think that it doesn’t matter if they have one or not.
One rather tragic reason that people do not write them, though, is that they do not get around to doing it in time. This means that they know they need one. It’s clear that it would help. They just thought they’d have more time, and they didn’t do it soon enough.
A classic example is Aretha Franklin, the incredible soul singer who passed away with a net worth in the realm of $80 million. That’s more money than most people will ever see in their entire lives. And yet, she did not leave a will for her heirs.
Perhaps the most common excuse when someone doesn’t have a will, is that they think only the wealthy need them. Not only is this not true, but Franklin’s story shows that even the very wealthy and successful will put off their estate planning. This is an error that knows no bounds or constraints. It is not just the wealthy or the poor, the young or the old, the famous or the anonymous. This is something people do at all levels, and it often leaves a mess behind for their families.
If you have not done your estate planning, remember that you can’t predict the future. Find out what legal steps you can take.