Seventy-seven percent of respondents in a recent survey said estate and legacy strategies were important for everyone, not just wealthy individuals, yet only 24% said they had taken the basic step of designating beneficiaries for all of their accounts.
Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to 34 have one.
I want to divide my estate equally among their three children. I’ve mapped out a plan to dispose of my property without any probate whatsoever. I put it together from what I’ve read on the internet. It’s just marvelous what you can learn by Googling things, don’t you think?
If you and your spouse are child-free, you may think you don’t need to think about comprehensive estate planning—but you’d be wrong. You’ll still want to ensure your assets go where you’d like them to after you’re gone, rather than being divvied up by the state.
Estate planning is a critical part of financial planning, but something many Americans procrastinate about. Drafting a will and a health care proxy or power of attorney, maybe creating a trust, and maximizing your loved ones’ inheritances by minimizing taxes are all important matters you don’t want to leave to chance.
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