September 21, 2017

Five Reasons to Prioritize a Lasting Legacy

Investing Retirement Wealth Management

Have you been dragging your feet on estate planning? You’re not alone. Nearly 64 percent of U.S. adults don’t even have a will, including 51 percent of people age 55 to 64, according to website Rocket Lawyer.

But a lack of estate plan, or an outdated one, leaves you and your family vulnerable. Your assets could get tied up in the costly court probate process after death. Your loved ones might have to make difficult decisions about your medical treatment if you become incapacitated. And they might dissolve into bickering over what you might have wanted.

Think about it: You know your intentions, and who better to choose who will make decisions for you if you become incapacitated? That’s why it’s important to nail down three basic elements:

  • A will that includes a list of personal property and who will inherit
  • A durable power of attorney to make financial decisions in the event of incapacity
  • An advanced healthcare directive

Here are a few reasons to get your affairs in order:

Your family and your legacy are important; take the time to protect them as best you can. Once your plan is in place, you will need to review it, including beneficiary designations, once a year and after each major life change.