Guardianship Disagreements as a Deterrent to Preparing a Will

The premier online legal document service, LegalZoom.com has announced the outcome of its most recent nation-wide survey measuring the number of people who have prepared a Last Will and Testament. The LegalZoom.com survey, which was conducted by InsightExpress and sampled 1,000 individuals with a +/- 3.09 percent margin of error, almost no change from previous results.

The findings of the survey says that 7 out of 10 Americans, or 70.2 percent, lack a Last Will and Testament. This number is more or less equal to the findings from preceding years, indicating that Americans remain mostly unprotected today. The survey also indicates that 20% respondents has not updated their Will for half a decade or more.

Most clearly, the study shows that parents with minor children were less likely to have prepared a Last Will than other individuals. A possible contributing factor: nearly 20% respondents with minor children cited guardianship issues as a deterrent to preparing a Last Will. Likewise, 42.3 percent of respondents had not made up their mind who would serve as a guardian to their children in the event of their death. As a result, 74.4 % of parents still did not have a Last Will and Testament, despite the fact that 79 percent of parents noted the importance of creating this legal document. While most respondents noted the importance of having a Last Will (73.8 percent), they also cited common barriers for not preparing one. Cost and time ranked among the top reasons.

LegalZoom.com suggests that everyone keep an updated Last Will to designate guardians for minor children, specify last wishes, and name beneficiaries for general and specific gifts, such as funds, automobiles, homes, and family heirlooms. It is especially important to update a Will following major life events such as marriage, divorce, new property acquisition, or the birth of a child or grandchild.