A will or testament is a legal document by which a person, the testator, expresses his or her wishes as to how his or her property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution. Although everyone dies eventually, not everyone leaves a last will and testament in place -- or even knows how they would go about making one, according to research by legal resource center LexisNexis. Statistics on last Wills and testaments show that if you're confused about your will, you're not alone.
e-Will is an online platform connecting people needing a Will and a legal practitioner to help effect this at no cost. The platform also provides information and sensitization about the essence of Will and Laws of Inheritance. Millions of people do not about making a Will, how to-do, or afford the cost for the services. This one can help make people more at peace to prepare for their demise knowing that they have prepared their home.
Approximately 55 percent of American adults do not have a will or other estate plan in place, according to LexisNexis. This number has stayed relatively steady during the 2000s, even as the number of other estate planning documents Americans have -- like medical directives -- has increased. Among minorities, the numbers are higher than in the general population: 68 percent of black adults and 74 percent of Hispanic adults do not have one and greater number of those who do not in Africa.
The people who choose to make wills are generally older. In the 1990s, over 90 percent of probated wills were made by someone who was 60 years old or older, according to the estate planning firm Morris, Hall & Kinghorn, PLLC. The firm estimates that probate costs American families up to $2 billion per year, of which up to $1.5 billion is paid in attorneys' fees. But a platform as e-Will will make the difference.
A living will or medical directive is not a will that distributes your property when you die. Instead, it is a document that explains what medical care you wish to receive if you are incapacitated. The number of American adults with living wills increased between 2004 and 2007, rising from 31 percent in 2004 to 41 percent in 2007, according to LexisNexis. Meanwhile, 38 percent of adults have a healthcare power of attorney, which gives another person power to make your healthcare decisions if you become incapacitated.