Many individuals understand the importance of preparing for the future, but fall short when it comes to preparing for death.
While it may only take a few hours to draft and finalize, nearly 60 percent of Americans do not have a will in place, according to an article by the Christian Science Monitor.
Therefore, millions of Americans run the risk of leaving their estates to be dealt with by attorneys, rather than distributed to family members.
Similarly, 47 percent of Americans do not hold a life insurancepolicy, the Monitor reports. Life insurance can significantly assist family members financially in the event of a death, especially if it occurs suddenly. There are no rules pertaining to how life insurance benefits must be used, therefore the proceeds may be used to pay for funeral expenses and estate taxes or set up as a trust for educational purposes.
Planning for exciting events, such as retirement, is important to one’s future. However, death is inevitable. Making financial preparations early is the best way to ensure loved ones will be cared for.