USNews, Money: “Estate Planning: Create Your Legacy: Estate planning is not only for the wealthy, it’s for everyone. Here’s how you can get started”
By Marguerita Cheng, Contributor
TIMES OF UNCERTAINTY can underscore just how important it is to have an estate plan.
Estate planning is crucial to leave a lasting legacy for your family no matter your health status. But more than half of Americans – 56% – don’t have an up-to-date estate plan, according to the National Association of Estate Planners and Councils.
A good estate plan can ensure your property is given to the person you feel is most deserving. It can also eliminate the stress of hard decision-making for already grieving family members and friends. Here’s what you need to know about starting and managing your estate planning:
- What is estate planning?
- How can you create an estate plan?
- How to keep your estate plan up to date.
What is Estate Planning?
Estate planning is a powerful phrase with a simple aim: To create a plan to protect yourself and your loved ones in the event of sickness, accidents, or death.
It’s not a luxury reserved for the wealthy. If you’re a spouse, parent, single person, part of a blended family, homeowner, or business owner and want to control your health care and assets if you become incapacitated or pass away, you need to answer important estate planning questions.
Estate planning can include everything from the type of health care you want to receive, who is allowed to make medical and financial decisions, and who you want to inherit your assets after you pass away. Despite its importance, many adults overlook estate planning perhaps because considering your mortality is uncomfortable.
No one wants to think about life after they’re gone, but you also don’t want to leave your family without the guidance they need to care for you, your health, and your assets if you become unable to manage it on your own.