Do you dream of leaving your loved ones a legacy? According to a study released by Merrill Lynch and Age Wave, almost half of Americans 55 and older do not have a will. What is even more shocking is of that 50%, only 18% of seniors have a will, a health care directive, and durable power of attorney! With the current crisis and uncertainty of our economy, having a secure legacy plan is essential. A legacy plan is an excellent financial strategy, and when correctly prepared with a financial advisor, a legacy plan can leave both you and your loved ones with one less worry. Though talking about death with the people you love can be uncomfortable, having your family understand your wishes once you part is worth the inconvenience.
A few things covered in legacy planning:
- Where you want to live once you are reaching your final days
- How you will be supported personally
- How you will be supported financially
- What medical treatments you may or may not want
- Estate taxes
- Financial security for your loved ones
- Funeral preparations
- Charitable donations
Having a clear legacy plan will ensure your wishes are followed and that your family has one less worry when the day comes. Your loved ones will benefit greatly, and it will give you the peace of mind that your hard-earned assets are being passed on correctly. So, start those conversations and take action. Begin your legacy planning NOW!
To learn more about Estate Planning from a team of experts, click here.
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