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Estate planning: Protect your family by making important decisions now

Columbus attorney shares importance of estate planning and creating a will
Columbus attorney shares importance of estate planning and creating a will((Source: WTVM))
Published: Nov. 6, 2020 at 7:03 AM EST
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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

For more information, click here or here.

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