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Most Americans Still Don't Have a Will, Says New Survey by FindLaw
August 19, 2002 (MOUNTAIN VIEW, Calif.) Ð Although the percentage of Americans with wills has increased slightly in the past year, the majority of Americans still do not have a will, says a new survey. This potentially leaves them without any say over issues involving their assets or care of any minor children after they die.
The new survey by the legal Web site FindLaw (www.findlaw.com) found that only 44.4% of American adults currently have a will; 53.3% said they do not have a will, while 2.2% did not know or had no response. The percentage of Americans with wills is up slightly Ð three-and-a-half percentage points Ð from a year ago (August 2001) when an identical survey found that 40.8% of American adults had a will.
A number of high-profile events in the past year have raised awareness of estate planning issues. These include landmark passage of estate tax reforms, the legal battle over the last wishes of baseball Hall-of-Famer Ted Williams and the ongoing threat of terrorist attacks.
"Sometimes the people who seem to need a will the least actually need it the most," said James Kosakow, an attorney in Westport, Connecticut, specializing in estate planning. "If you have any assets you would like distributed in a particular manner, have minor children, or have any wishes you'd like carried out after your death, having a proper estate plan can help ensure your wishes are carried out. Without a will, you may end up without any say over how the assets of your estate are distributed. For example, people in non-traditional relationships, such as couples living together or same-sex couples, may need a will to ensure proper passing of assets and to avoid estate taxes. Similarly, married couples who are non-U.S. citizens face different estate tax rules than U.S. citizens. Couples with children, particularly children from previous marriages, may need a will to ensure the desired distribution of assets."
Six percent of those people with wills said they updated their wills within the last year, according to the survey. "Wills and estate plans should be reviewed and updated whenever there is a significant change in a family or personal situation," said Kosakow. "A major change in assets, marital status or number of children may warrant re-examining an estate plan. Shifts in estate tax laws or a change in a person's wishes for their estate may also require revising their will. The current court battle over whether the late baseball great Ted Williams wished to be cryonically frozen after his death underscores the importance of proper estate planning."
The results of the national survey of 1,000 adults have a margin of error of plus-or-minus three percent.
About FindLaw
FindLaw (www.findlaw.com) is the leading provider of online legal information and solutions for the legal community, businesses and individuals. FindLaw's Internet portal is the highest-trafficked legal Web site, according to leading, independent Internet traffic monitoring services.
The site provides comprehensive, plain-English legal information to businesses and individuals. These resources include West Legal Directory¨, the Internet's largest directory of lawyers and legal professionals. FindLaw also offers comprehensive information, resources and services for law practice and legal career development, including free case law, an online career center, breaking legal news, newsletters, message boards, service directories, continuing legal education and legal search tools. In addition, FindLaw provides access to tools and services that help connect legal professionals with potential clients. FindLaw is a division of West, a Thomson business (NYSE:TOC; TSX:TOC), and the foremost provider of integrated information solutions to the U.S. legal market.
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