This post is part 3 in our series about a 2020 Caring.com survey, which found that two-thirds of Americans do not have an estate plan.
When asked why, 30% of respondents stated that they did not have an estate plan because they didn’t have “enough assets to leave anyone.”
Would it surprise you to hear me say that for most people, disposition of assets is not the main reason to have an estate plan? In fact, some of the most important parts of a plan can help while you are still alive!
Here are some important reasons to have a plan: nominating a guardian for your minor children, appointing someone to make health care decisions if you are unable to do so yourself, and naming an individual to manage your assets if you can’t do so.
Imagine if you (and your spouse, if applicable) get COVID and are in the hospital for weeks. If you cannot speak for yourself, who will monitor your care and give informed consent for procedures?
Who will pay your rent and your other bills? Does anyone know where your bank accounts are located or what credit cards you have?
If you don’t know the answers to these questions then you need an estate plan. A plan will clearly state who you want to make decisions for you. You can also download my free Personal Asset Inventory right here on my website to organize all of your important accounts and documents.
An estate plan is for so much more than distributing assets. And everyone can benefit from having one!
If you have questions about how to get started, please visit my website or you can sign up for a free consultation on my website. I look forward to working with you!