Many people equate estate planning with older people who have more assets and more to protect. However, that doesn’t mean younger people should ignore the benefits of estate planning. According to Caring.com, only 34% of adults ages 35 to 44 have a will and 18% of adults ages 18 to 34 have one.
When the ‘Queen of Soul’ Aretha Franklin died last year, it was believed that she hadn’t prepared any kind of estate plan, including a last will and testament. However, a few months ago, three handwritten wills were found in her home near Detroit. Two were in a locked closet and one was stuffed beneath the cushions of a couch!
If your parent was extremely authoritarian or independent, it will be difficult for him or her to accept someone telling them what to do – especially one of their children.
If you haven’t discussed your parents’ long-term financial goals with them, you aren’t alone.
If you think Estate Planning is simply the creation of a will or trust, you are missing a large portion of information, and could potentially have assets that do not flow according to the plan you have set up in your will or trust.
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