Estate planning: Protect your family by making important decisions now

LOUISVILLE, Ky. (WAVE) - Concerns about a new surge in coronavirus cases are posing another dilemma for millions of Americans. What happens to your life and legacy if you don’t have a will and other estate planning documents.

The time to plan is now.

If you die without a will, your estate won’t automatically go to your next of kin. It will go into probate, a legal process that distributes assets after death. If you have minor children, it also allows you to name a guardian to care for them.

A new survey shows that 62% of American’s don’t have a will. And 27% of those who do got it because they were afraid of death or serious illness related to COVID-19.

Nerdwallet.com says there are seven steps to estate planning.

1. Inventory your stuff

2. Account for your family’s needs

Check to see if you have enough life insurance. Name a guardian for you children and document your wishes for their care.

3. Establish your directives

Plan your medical care directive, or living will. Establish a durable financial power of attorney.

4. Review your beneficiaries

5. Note your state’s estate tax laws

6. Weigh the value of professional help

7. Plan to reassess

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