Most Ohio adults don’t want to think about the possibility of dying, and that may be one of the reasons why so many people don’t write a will. According to a survey that was taken by Caring.com, almost 6 out of 10 adults in the United States haven’t created a will or a living trust.
A will dictates where a testator’s assets should go after death and who will be responsible for disbursing those assets. If a parent leaves behind children that are under the age of 18, the children’s legal guardians may be named in the will. Although wills can be so important for parents of young children, the Caring.com survey found that only 36 percent of parents with minor children have created an end-of-life plan.
Young adults tend to be the least likely to have estate plans in place, and many people without wills say that they ‘just haven’t gotten around to it” yet. Adults over the age of 71 are the most likely to have either a will or a living trust. While 81 percent of people in the oldest age group have an estate plan, 78 percent of 18 to 36-year-olds do not.
An attorney may be able to help an individual or couple to set up an estate plan or update an existing one. After helping to write a will, the attorney can also suggest other documents that might be advisable to have. These could include powers of attorney that would appoint a trusted person to make certain financial or healthcare decisions in the event that the principal becomes unable to do so due to incapacity.