The Estate Planning Council of Seattle has established a $5,000 research scholarship at the Seattle University Albers School of Business and Economics in Seattle. This year’s research will focus on why people don’t write wills and what initiatives can be promoted to encourage individuals to draft them.
The scholarship will go to a graduate student to research the topic and report back to the organization. The Council created the scholarship because it is interested in promoting research in the area of family businesses and family business succession.
“The Estate Planning Council is sponsoring this scholarship because only 40 percent of individuals around the country have wills,” said Michael O’Brien, scholarship coordinator and a member of the Council’s executive committee.
“If we can determine why that is and what can be done about it, perhaps we can convince more people to take this important step in defining how their estate will be distributed and who will speak for them after they are gone.”
Even famous and wealthy people die without wills. Unexpected death often figures into the picture. Grunge rocker Kurt Cobain is only one such example. In such cases, the courts have to determine how to distribute assets.
“It’s imperative for all individuals — regardless what their assets are — to have a will,” said Council President Robin Russell.
“If you die in this state without a will, the courts will determine who will get your assets and who will care for your minor children. If you want any say in the matter, your only protection is to write a will and do an estate plan.”
About the Estate Planning Council of Seattle: Originally founded in the early 1940s and one of the leading estate planning councils in the nation, the Estate Planning Council of Seattle is comprised of King County’s top estate planning lawyers, financial planners, certified public accountants, trust officers and insurance agents. The Council’s mission is to promote the highest quality estate planning services in the Pacific Northwest by developing and improving the capabilities of council members, fostering cooperation among the professional disciplines in the field and familiarizing the public about estate planning matters. For more information, visit the Council’s Web site at www.epcseattle.org.
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