Estate planning is vital if you want to leave a lasting legacy to your loved ones. Despite its importance, a survey by Caring.com, however, revealed that the number of adults in the United States than ever before are engaging in estate planning. The study found a 25% decrease in the number of individuals that have wills or similar documents since 2017. Remember, estate plans are not made for the creator, but instead are created for the benefit of your loved ones and among other advantages can avoid placing your family members and friends in the difficult position of making healthcare decisions for you in case you end up incapacitated. In the hopes of getting you started on writing an estate plan today, this article reviews 5 fast facts to remember about estate planning.
# 1 – Estate Planning Is for Everyone
Estate planning exists to protect both the creator as well as loved ones in case of incapacity or death. Despite what some people think, estate planning is not only for the wealthy. If you own any type of assets or are interested in having a say in the type of healthcare that you receive if you become incapacitated, estate planning is worth utilizing. While estate planning can be utilized to make decisions about the healthcare you receive and who will receive your assets, many people overlook estate planning because it can be difficult to face your mortality, particularly during a global pandemic.