Estate planning is not just for the wealthy. Anyone with a bank account, house, car or other personal property should have a will.
I’m looking for guidance on where to start with planning, in case something happens to me or my husband.
Amid the grief of losing a loved one, families are dealt additional burdens when the person did not leave behind a will or estate plan.
A recent survey estimated that 68% of people die without a will. The consequences of dying without a will (‘intestate’) can be disastrous.
Among those who do not have an estate plan, 63% said that they have considered creating one in the past and 46% said they do not know how to start.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.
You have many options to make sure your wishes are followed after you die.
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