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