Those are three topics in a USA Today Valentine’s Day article. Here are a few survey statistics:
- Half of those surveyed feel guilty not leaving enough inheritance for their family.
- Forty-two percent are unsure of the best way to structure an inheritance.
- One-third don’t know how to discuss inheritance with family members.
- Only 36% of those surveyed have shared financial passwords to use in case of emergency.
- Passwords have been shared by 44% of people with $250,000+ in investable assets.
- Forty percent have discussed funeral arrangements with their family.
- Thirty percent have set aside money for end-of-life care and a funeral.
- Twenty-eight percent have created a plan in case something happens to the household’s primary financial decision-maker.
A prominent wealth manager said: “Without an estate plan in place, clients may see their assets distributed in a way that may not be consistent with their wishes.” So true.
These are some of the primary messages of Legacy Deo, the charitable foundation I serve:
- Planning how best to share inheritance with loved ones is an important responsibility.
- Including church and other charities in an estate plan is meaningful and fulfilling.
- Using beneficiary designations is a simple, inexpensive, non-probate process to use.
- Life insurance and charitable trusts are also effective practical and philanthropic tools.
- A current Last Will and Testament is a basic estate planning instrument.
- A list of your assets, accounts, and passwords should be available to your spouse, other responsible family members, and/or the executor of your estate.
- It’s a good idea to make written plans for your funeral, especially if you’re over 70.
Taking care of these important tasks and responsibilities will give you peace of mind. The day will come when your family will be blessed by your thoughtfulness and planning.
And if you have no family or no one to whom you feel comfortable entrusting administration of your estate, contact Legacy Deo at (512) 646-4909 or email@example.com. We’re here to help.