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April 24, 2023

Jacque's Post

 

(THE BEST WAY TO PROTECT YOUR MONEY AND YOUR LEGACY)

 

April 24, 2023

Hello everyone,

Two-thirds of American adults don’t have a will, according to a 2023 survey from Caring.com.

 

In my mind, that’s a staggering number.

Although many people don’t think they have enough funds to worry about or even pass on, do people realize what can happen to those funds when they pass without any instruction left behind?

 

 

It may have to go through Probate. And your funds and assets may end up going where you don’t want them to go. Also, think about the costs involved. An estate valued at $500,000 may have probate fees of $11,000.

Despite the perilous period we have been through with rising interest rates and a recession on the horizon, everyone needs to take time to think holistically about their finances, including their estate plan. You need to protect your money and your legacy as best you can. It’s critical to have estate planning documents, including a will that dictates who will receive your assets upon death, and to keep your beneficiaries updated.

While a will outlines who receives certain types of property, other assets pass to heirs through your beneficiary designations, such as bank accounts, 401(k) plans and individual retirement accounts, life insurance policies and annuities.

While Covid -19 has prompted a rise in estate planning, nearly 66% of American adults still don’t have a will.

It’s not only about leaving a will either. It’s also important to have documents for powers of attorney, allowing someone to make financial or health care decisions on your behalf if you were unable.

So, my advice is to take the time to create a will, or even update it. Your family will thank you for your estate financial planning.

Have a wonderful week.

Cheers,

Jacque

 

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