The New York Times published an article by Ann Carrns entitled, "Why You Should Get Around to Drawing Up a Will" (Feb 08, 2017). Provided below is a brief summary of the article published at nytimes.com:
Why You Should Get Around to Drawing Up a Will
The most common number one reason most Americans lack wills is that no one likes to think about dying. Fewer than half of American adults have a will, and the most common excuse given for not having a will is that they have not gotten around to it. Most people don’t want to think about their own death but people are more likely to have important estate planning documents as they age.
Records show that just one in five millennials (adults 18 to 36) has a will, but 81% of peole who are 70 and older have one. Having a will is important to ensure that your money and belongings are distributed according to your wishes after you die, a will determines how things you own get distributed to the people you want to receive it after your death.
When you die without a will, your estate will be settled in accordance with state law. Details vary by state but assets are typically distributed using a hierarchy of survivors with first going to spouse, then children, siblings, and so on.
To continue more in depth on this issue, please continue to read the full article "Why You Should Get Around to Drawing Up a Will" from nytimes.com