Estate planning involves planning for your death, as well as your life upon mental incapacity. Despite its importance, estate planning is often overlooked.
Many people work hard throughout their lives to provide for their families and build their estates, only to have the very things they’ve worked for and people to protect in disarray because they didn’t invest time in a comprehensive estate plan.
Statistics show that more than 50% of adults in American do not have an estate plan in place at the time of their death.
This is likely due to the average person’s unfamiliarity with the estate planning process itself. Because they do not understand its importance and how it works, many Americans forego having a written plan for their estate.
Without an estate plan in place at the time of your death or incapacity, you are leaving it up to a judge you don’t know to decide how to distribute your assets throughout your family, who will care for your minor children, and who will care for you if you’re ever unable to care for yourself.
Do you have an estate plan in place to protect your family? If so, please share them in the comments section below.
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