According to numerous surveys and studies conducted over the years, the statistics show that roughly 55 to 60% of people in the United States do NOT have a Will. That is a somewhat frightening figuring considering the importance that a Will can play in a number of areas after we pass away. My reaction to these statistics is at least two-fold. First, I am aware that a lot of people do not look forward to planning for one of life's less pleasant certainties and a lot of people do not enjoy talking with an attorney about anything. Second, I am not convinced that these statistics are as frightening as they appear for some people, but I am convinced that the absence of proper estate planning for others will be met with unwanted consequences.
In regards to my first reaction, I would just say that I can appreciate someone's reluctance to discuss death and the disposition of their assets. It just simply is not a conversation that one wakes up looking forward to on any given day. But the truth is in a lot of cases, most people should complete a proper estate plan as soon as they can. I often hear from friends, colleagues and clients that they are too young or they do not have enough wealth to take the time to write a Will or to complete their estate planning. In some cases I agree with them. But if they are a young married couple with children, own a home, retirement accounts, expect an inheritance, a married couple or single parent with a child with a disability, second marriages, etc., then I must respectfully disagree with their conclusion that estate planning is unnecessary.
A Will can accomplish a number of things besides directing assets to particular individuals. For instance, a mother and father can appoint a guardian for their minor children in the event something should happen to both of the parents. Also trusts can be used within the will to protect and provide for children and grandchildren without dropping their entire inheritance on them before they are ready to handle the finances. In situations where there is a child with a disability who is receiving government benefits, the receipt of a large inheritance would potentially disqualify the child from receiving those benefits. To prevent that result the Will could be drafted to contain a supplemental needs trust (also called a special needs trust) for the benefit of the disabled child or the estate plan could include a supplemental needs trust separate and apart from the Will. This planning would ensure that the child's government benefits are not disrupted upon the death of his or her parents.
This is just a brief summary of some of the issues that can be present in all of our lives, including in the lives of the 40-45% of people who do not have a Will. The State of Wisconsin does have a Will for you in the event that you do not take the time to draft one yourself. It is found under Ch. 852 of the Wisconsin Statutes and it is titled, Intestate Succession. It may work for some but it may not work for others. Considering this alternative, the peace of mind that comes with knowing that you have an estate plan tailored to your situation is well worth the time and expense.
