All of us have ideas about what should happen for our loved ones and with the things we own when we pass away. Yet fewer than half of all adult Americans have a will or other estate plan setting forth these intentions and desires.

Why do so many people fail to take advantage of the opportunity to plan their final affairs? What are they thinking?

I have a plan; state law will take care of it. True, the laws of your state have a backup plan in case you do not. These “intestacy laws” will determine how your estate is distributed if you do not have a will. But, most likely, the state’s plan will not be exactly what you had in mind.

I am not worried about my heirs squabbling over their inheritance. How your family responds to the dividing of wealth after your passing might seem entirely out of your hands. You can help keep tensions low and prevent fighting over assets by creating a thoughtful estate plan and by setting expectations. Your will or trust is your opportunity to make your wishes clear and reduce uncertainty and anxiety for your survivors.

I am not concerned about expenses or taxes; my estate will just pay them. Fair enough, but those costs will reduce the amount you leave to your heirs. A well-crafted will can minimize expenses and taxes, an additional gift to your family and loved ones.

I am not worried about how long it takes or who knows about it. Without a valid will, your estate could be openly challenged and tied up in lengthy legal proceedings, which may result in fees and other costs, which will reduce the amount left to heirs and favorite charities.

My family knows I care about quality healthcare in this community. They will find a way to honor me. If giving back to Baystate Health Foundation and other charities matters to you, why not create a gift in your estate plan now? It is about what you want to do with your hard-earned saving. You can experience the joy of creating a future gift that is meaningful to you and carries on your legacy and values. 

Your will or estate plan is your best opportunity to say what happens to all that you spent a lifetime accumulating. Why not make the most of it? Consider what happens to Avery in this example:

Avery and her spouse worked hard and invested wisely, accumulating a nest egg. However, they did not do any estate planning.

Avery has no surviving children, parents, or siblings. Avery received lifesaving care from Baystate Medical Center and relied onBaystate specialists for quality of life. She is filled with gratitude to Baystate for the help she received during years of chronic illness.

Without a will, state law would cause distant cousins, most of whom Avery never met, to inherit all her money and other property. If her distant relatives cannot be located, the state could become Avery’s sole beneficiary. And Avery would forego any opportunity to make legacy contributions to favored organizations like the Baystate Medical Center to ensure others receive stellar care.

If you do not have an estate plan, or if you have not reviewed your plan in a while, why not make time to do so? We are here to help. Contact us for a free Will Guide to help you get you started on your way: Kylie.Johnson@BaystateHealth.org or 413.794.7789.