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You Still Need a Will
By: Martin Shenkman
Regardless of recent or anticipated changes in the law
A recent survey found that only 42% of adults in the US had wills in 2004, down five percentage points from 2000. Many experts think this is because some people believe recent changes in the estate tax law mean they will owe no tax, so they don't need a will. Others believe additional scheduled changes in the law make it pointless to have a will before they are enacted.
Reality: You may need a will for many reasons other than taxes, such as to name a guardian for your children. Also, people who don't have wills are likely also not to have other important documents, such as health care proxies.
Bottom line: Have a will and full estate plan, regardless of estate taxes.
