As of 2016, it was found that a majority of Americans do not have a will, and that number seems to be on the decline, according to data from Gallup News. While 51 percent of Americans had a will in 2005, only 44 percent had a will at the time of the survey.
Every estate will go through the probate process when it is administered. But not every estate has to have all of their assets go through that process. Protecting your hard earned property and assets from the probate process is a critical step to saving your beneficiaries and loved ones painful and extended probate litigation, as well as preserving the value of your estate.
Suppose a disaster strikes, sudden injury or illness affects your family, or a loved one is trapped and alone—in emergency situations like this, a holographic will may be the only option left for many people. A holographic will is one that is entirely handwritten by the person creating it and done without a lawyer involved. These are usually signed by the person who made it, but in some states, they are still legally binding when not signed.
One day you may sit back and realize your lifelong dream has come true: you started a company and successfully survived the scrappy, often tricky first years of business. Now that things are finally slowing down and getting a bit easier, the fear starts to creep in that all your hard work could disappear one day.
Retirement can feel like a very far off thing as one is knee-deep in the everyday activities of running a business. This may lead some business owners to assume that their retirement is something they don’t really need to think about now.
When a loved one passes away, the will he or she leaves behind may need to go through probate, which is a court process that occurs before the distribution of assets. This is often a time-consuming and expensive experience. There may also be family fights that can prolong and complicate the process even more.