One recent survey suggests that 41% of baby boomers, those born between 1946 and 1964, do not have wills.  The same survey found that 71% of adults under 34 do not have wills.  Another source says that 55% of American adults do not have wills, and that this number has been steady for many years.

A 2011 Associated Press Survey found that 64% of baby boomers do not have a health care proxy or living will.

Let me add a wrinkle to these statistics, focusing on baby boomers.  If 59% of boomers have wills, I’ll bet that a large portion of those wills are dated and do not reflect their current desires and intentions.  I base this on a sample of one – me.  As a so-called conscientious adult, I’ve had wills for many years.  However, those wills have often lagged my personal situation and desires – and by wide margins.  I’m guessing, based on an unscientific survey of friends and acquaintances, that this situation is not unusual.  Thankfully, my will is current and my health care power of attorney is in place.

Let’s go with the no will and no health care proxy for a moment.  If an adult has no will and no health care power of attorney, he or she is leaving much to chance and, if there are children, hopefully adult children around, a great burden is left for them if anything happens.

Some folks close to me are in a situation where Dad is in failing health and nothing is in place.  In today’s world of health care confidentiality, it can be impossible for your children to talk with your physicians if you do not give permission.  And what happens if you can’t give permission?  Do you want your children to know what resources are available for your care?  Or are you leaving that to them?  What about creating your will?  They can engage an attorney, but they cannot make you talk with him or her.

Conversations can be difficult, and the difficulties of an already difficult situation are compounded.

I’m not a lawyer and I’m not an estate planner.  But I do talk to business owners about the important transitions they face in terms of business management and ownership.  The unplanned situation I described briefly above could happen to you.  Your best intentions regarding ownership and management transitioning could be exploded because of the lack of a will or a will that does not reflect your current plans and intentions.

What to do?

• Get your will from its file or safe.
• Read it carefully to be sure it reflects your current desires and intentions.
• Have you made the bequest to your church or other favorite charity(ies)?
• Get with your spouse and talk to him or her, and be sure your wills consistently reflect your joint intentions.
• Get with your attorney after you have these discussions and update and sign your will.
• Sign your health care proxy while with your attorney.  He will have the form and make it easy for you.
• While you are at it, update your financial plan with your planner or on your own.

This is really pretty simple.  None of us likes to think about dying.  Since we don’t like to think about death or even anticipate thinking about it, we procrastinate.  The best thing to overcome procrastination is to get moving and do something.  Today, or the next business day.  Get your will and set up an appointment with your attorney.  This will provide some structure within which you can work.

Do it.  It is important for you and for those you love.  Remember this:

Where there is a will, there is a will – and a health care power of attorney.

And keep in mind, I’m one business owner talking to another.  Get the professional advice you need.

Please do call (901-685-2120) or email (mercerc@mercercapital.com) if you would like to talk about any business valuation issue in confidence, or to talk about emerging management and ownership transition issues at your company.

In the meantime, be well!

Chris