It was recently reported by CBS News that Aretha Franklin passed away, without any Will regarding her nearly $80 million estate. Therefore, the State of Michigan will be deciding the distribution of her assets rather than she. Unfortunately, this is too often the headline in the paper, yet the rest of us go on with our lives thinking that we do not need a Will.
According to data from the United Nations World Population Prospects: The 2017 Revision Report, the number of older persons which are classified as those over 60 years of age is expected to more than double by 2050 and more than triple by 2100 rising from 962,000,000 globally in 2017 to 2.1 billion in 2050, and 3.1 billion in 2100. In other words, according to U.N., the population age 60 or over is growing faster than all younger age groups.
Even with this information available to us, the lack of planning for one’s passing seems to be the conventional wisdom given the lengthening of ages of the population. This notion can provide a false sense of security. Most all of us would rather select who takes care of our assets and our children by designations in a Will rather than having a state legislature mandate and control those decisions through its statutes.
The attorneys in the Trust and Estates Group at Libby O’Brien Kingsley & Champion are experienced in helping families prepare for their future, as well as future generations. Preparing Wills, Powers of Attorney and Health Care Directives should be a necessary part of life and not neglected. We are ready to help you at any time in assessing your needs, listening to your family situation and helping you to prepare these very important documents for you and you family. Please feel free to call us at (207) 985-1815 in Maine, (603) 766-4953 in New Hampshire and (508) 479-1065 in Massachusetts.