Nevada residents who write wills do so because they want to enjoy the peace of mind that comes with attending to difficult end-of-life matters. People with estate plans in place know that their assets will be distributed according to their wishes after they pass away, and this reassures them that their loved ones will be taken care of. Most Americans concede that writing a will is important, but several studies suggest that fewer and fewer of them are actually doing it.
Fewer Americans are writing wills
When researchers from Boston College’s Center for Retirement Research studied this issue, they noticed that the share of Americans with wills or trusts in place fell from 70% in 2008 to 63% in 2018. An estate planning survey of 2,483 Americans conducted in 2023 paints an even bleaker picture. When respondents over the age of 55 were asked whether or not they had written wills, 46% of them said they had not.
The consequences of dying intestate
When Nevada residents die without a will, their assets are distributed under the state’s intestate succession law. This law separate estates into community and separate property, and a surviving spouse inherits all community property. If the decedent was married for a long time and has few separate assets, the intestate succession law will leave their family members other than their surviving spouse with very little.
Peace of mind
When asked why they have not written wills, most Americans blame procrastination. This is understandable because dealing with end-of-life matters can be difficult, but failing to address these issues can cast a long shadow. Putting an estate plan into place provides peace of mind. Failing to deal with estate planning matters can lead to unfair outcomes and bitter disputes that can divide families.