Thinking and conversing about your own death can be difficult to do, but working through the process is just as important as planning for life’s other milestones — going to college, building a family and retiring.
What is estate planning?
Estate planning is creating a plan in advance for what will happen with your assets — your money, possessions and children — when you pass away. An estate plan is a set of legal documents, such as a will, trust, power of attorney, that directs where you wish your assets to go and helps preserve your legacy. It can be a difficult subject because estate planning forces you to face your mortality. Perhaps that’s why more than half of U.S. adults do not have estate planning documents in place.1
Help your family avoid emotional stress by preparing ahead of time
If you die without an estate plan, it can push your family into unfamiliar territory. The result can be emotional stress and tension between your heirs as they wrestle with how to divide your estate equally and navigate complicated tax matters.
Estate planning decisions are naturally overwhelming and emotionally charged. But it’s always better that you perform this “heavy lifting” instead of leaving it to your family down the road.