A recent article on MarketWatch.com used a compilation of surveys to shed light on the fact that an alarming amount of American parents do not have a Will prepared or a life insurance policy. They reported that a number of surveys revealed that only half or less of Americans with children have a Will, and at least one third of parents do not have a life insurance policy. Another third of the parents’ surveyed do not have insurance coverage that is sufficient to provide for their children financially. What makes this information even more significant, is that parents KNOW the importance of having a Will and life insurance. Market Watch references another survey that indicated two-thirds believed you should make or update your Will when you have children.
Another survey also indicated that 57% of Americans believed that life insurance was a key factor to their family’s long-term well-being. If parents know that having a Will and sufficient life insurance is of utmost importance to protecting their children’s future, why don’t they follow through? Market Watch asked a number of experts this question and found the following:
- Lack of Time: With everything else that parents have to manage on a daily basis, finding the time to prepare a Will or take out a life insurance policy falls to the bottom of their to-do list. These tasks seem time consuming and complex, but can actually be done relatively quickly. An estate planning attorney can help arrange all of the appropriate documents in a minimal amount of time.
- Procrastination: People generally do not assume they are going to die any time in the near future, so they tend to feel that this is something they can worry about later. Although unlikely, the untimely death of parents is not unheard of and it is best to sort everything out and be prepared for the worst-case scenario.
- The Subject Matter: People do not like talking about death, and creating a Will or taking out a life insurance policy bring these issues to the forefront. However, experts advise that it is better to plan for the end of life when you are still in good health.
- Guardian Issues: Many parents struggle with appointing a guardian for their minor children. It is critical to remember that the appointed guardian can be changed at any time.
For more in depth information about the above issues that prevent parents from planning ahead you can view the entire Market Watch article at http://www.marketwatch.com/story/why-parents-dont-make-this-simple-move-to-protect-their-kids-2015-08-27.
Please feel free to contact us at Tully Law, P.C. so that we can ensure your family is provided for. There is no better time than the present!