A last will and testament is the cornerstone of estate planning. Yet two out of three U.S. adults have not taken this basic step. Source: Caring.com, 2023 A will enables you to specify how your assets should be distributed and to name the executor who will administer your estate. In general, it is better to name a single executor, with a contingent executor if the named executor is unable to carry out his or her duties. Be sure to discuss your wishes with your executor. You can also use your will to designate guardians for minor-age children or adult children with special needs. If you die intestate (without a valid will), the state could decide how your assets will be distributed. Typically, assets would go to the surviving spouse and children, but state laws and distribution formulas vary. When the deceased dies intestate and leaves no spouse or children, the situation becomes more complicated. Where There’s a Will Source: Caring.com, 2023 Excuses, Excuses Primary reasons people give for not having a will or a living trust 42% 35% Haven’t gotten Don’t have enough Don’t know Too expensive around to it assets to leave how to get one to set up 15% 14%
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