If you have been following our blog, you know that drafting a will is an exercise in asset disclosure and distribution. This document provides a specific set of guidelines for disbursing property after one's passing. While necessary, the will can be seen as just one record in a broader portfolio of life-planning documents. This portfolio of sorts is called an "estate plan." Not only does one's estate refer to ownership of items, it also relates to debts owed on possessions and gives powers to others in case of incapacitation.
According to an AARP poll, 40 percent of Americans over the age of 45 do not have a will. Reasons the forty percent supply for the delay include balking at the thought of contemplating their mortality or struggling with filing paperwork on their own. While it may be a time-consuming and emotionally-draining activity, drafting a will is a task adults should complete to reduce anxiety for both themselves and their beneficiaries. Visiting an estate planner can help individuals to navigate a path through the labyrinth that appears when determining inheritance, beneficiaries and executors.