Did you know that over 55% of Americans die without an estate plan?
What exactly is estate planning and why do you need it? Estate planning involves the preparation and planning of the future, as well as having people, contracts, and procedures in place to protect your legacy. Estate planning is important because it provides security for you, your loved ones, and your most prized possessions.
So, what does estate planning entail and when should I begin considering it? Estate planning includes: wills, trusts, estate plan, power of attorney (POA), Healthcare Proxy, and strategy. If you have a family, properties, businesses, or any assets, including works of art or valuable possessions, you should have some sort of plan in place to protect your legacy. In the event that you are incapacitated or pass away, you can specify how you would like your assets divided, who they should go to, and who will care for you or any minor children. Legacy planning also allows you to have a trust opened for a particular cause close to your heart, and your healthcare wishes and financial support carried out should you not be able to make a sound decision.
As of 2017, 70% of African Americans have no will or legacy plan in place.
It is never too early to begin planning if you are looking to protect your legacy, and you should have some form of an estate plan in case of death or mental/physical incapacity. New York state alone has $16.5 billion in unclaimed funds, most of which are from people who died without a legacy plan. Estate planning is critical but can also be complicated and emotionally taxing. When you are ready to be educated and begin protecting your legacy, we are here to help you design an estate plan that best fits your needs and walk you through each step of the way. Contact us here so that we can help protect your legacy.