Many U.S. residents tend to put off making a will or estate plan, sometimes repeatedly. It is natural to feel uncomfortable when considering and planning for your own death but waiting too long is risky.
If your health suddenly declines or you suffer life-threatening injuries, are your affairs in order? Are your assets and your family protected? If forced to make a will on what may be your deathbed, your loved ones might not get the inheritance you intended to leave them.
Complications of deathbed wills
It takes time and thought to create an effective estate plan or will. You must consider many financial issues like estate taxes and asset preservation. Since California law does not recognize oral wills, you must write out or dictate the document, two tasks that may be difficult while approaching death.
A will prepared in haste cannot account for everything you would otherwise address in a comprehensive estate plan (your healthcare, your family, etc.). It is highly likely that the document will be insufficient in helping your heirs through the probate process with their inheritances intact.
Issues of incapacity
Those who are dying and aware enough to realize it might not be in the best mental place to create a will. Someone—a spouse, child or another relative—might believe you were not mentally sound at the time and try to contest your will. That will lead to hardships for your entire family.
Try not to wait any longer
Despite your initial discomfort about estate planning, you will feel relieved when your plan is in place. We suggest learning more about wills and estate planning to set up documents that secure your assets and benefit your family.