- advertisement -
Financial Literacy - Planning for your heirs
POLL
The will paradox
Three-quarters of Americans say everyone should have a will, but more than half don't have one.
Planning for your heirs

Americans' words and deeds about wills at odds

Spending kids' inheritance
While the clear majority at 85 percent expresses a desire to have a will because they believe that a will would make it easier on their family, nearly a quarter (23 percent) plan to skip getting a will and blow through their assets.

The state will decide where your property is to go upon your death. So people, you have a will whether you know it or not.

Orman was unimpressed: "Like you can dictate that you're going to outlive your money? Oh, please."

She points out that while people might not think they have a will, they actually do -- by default. "They have a will that's been written for them by the state that they live in which is called intestate succession and the state will decide where your property is to go upon your death. So people, you have a will whether you know it or not. Whether it's what you want to do with your money is a whole other thing."

Math doesn't compute
It doesn't add up that 85 percent want to make things easier on their family through the use of a will, yet 35 percent plan on letting their families work it out -- something our experts universally say is a bad idea. Not only did this finding surprise Kurlowicz; he called it a potential disaster. "In practice, this doesn't accomplish anything but disputes and angry heirs, even when there is a small estate."

What is the main reason you do not have a will?
(Of respondents without wills)
Total 18 to 34 35 to 49 50+
You havenít gotten around to getting one 38% 25% 43% 59%
You donít feel youíll need a will anytime soon 26% 39% 15% 12%
You donít feel you have enough assets to warrant having a will 17% 21% 17% 12%
You canít really afford to get a will prepared right now 9% 6% 13% 9%
You donít really want to think about your own mortality, or about needing a will 7% 8% 7% 3%
Unsure 3% 1% 5% 5%

-- Posted: Nov. 19, 2007
 
Page | 1 | 2 | 3 | 4 | 5 |




TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
- advertisement -
- advertisement -
- advertisement -