Finance Advice for Funeral Planning
Who Should Have a Will and Why?
The sad truth is that most Financial Advisors and Estate Planning Attorneys will tell you that approximately 70% of Americans die without a Will, also know as a Last Will and Testament. This is a truly alarming statistic for two reasons. First, we know the large majority of people truly love and care about their families and loved ones. And second, we also know most people would NOT prefer to place any unnecessary or additional burden on their loved ones during such a time of terrible emotional loss.
Therefore, we truly hope every family:
1. Becomes proactive about your finances and funeral estate planning
2. Can easily locate qualified and credible Estate Planning Attorneys near you
Regardless of your net worth, age, or marital status, we encourage every family to work with an Estate Attorney to build a sound Funeral Estate Plan!
Why Create a Funeral Estate Plan?
By creating a funeral estate plan, such as a Will, it accomplishes two extremely important things for both you and your family. First it helps protect you against unexpected events such as a disability, incapacity, severe accident, coma, amnesia, etc. Second, by making this difficult period much less emotional, time-consuming, and expensive, as well as eliminating many uncertainties, it becomes one of the greatest gifts we can give our loved ones.
One of the most common question most families ask is “What are the advantages of creating a Revocable Living Trust versus a Will”? Well, although a properly structured Will that is something everyone should have at the very least, one of the major disadvantages with a simple Will is that nearly every Will must go through probate.
What is Probate?
Probate is a court supervised procedure by which the court ensures that the assets governed by your Will are valued properly, the debts of your estate are paid off, and the remaining assets are properly distributed to the persons named in your Will. There are many disadvantages of probate.
Get Help
We strongly recommend that every family works closely together with both Financial Advisors and Estate Planning Attorneys when determining the most appropriate wealth transfer strategy. This coordination can ensure that, whether you create a Will or a Trust, two key goals are accomplished:
- This all-important document is established properly and efficiently
- Your funeral estate plan is properly coordinated and integrated with the rest of your overall financial plan.
Needless to say, the “perfect estate plan” does not happen by chance, but rather through proper planning and preparation. So please do yourself and your loved one’s a huge favor: when it comes to your financial and funeral estate planning needs, be proactive by taking the first step…seek professional help! By knowing these plans are in place, you will sleep much better at night, knowing you have created this all-important gift for your family!
