Simple, to protect your family’s financial assets.

 

You don’t have to look very hard to find families who have been devastated – both emotionally and financially – by the loss of a loved one. When you’re dealing with that kind of loss, it’s a terrible time to have to make spot-on financial decisions, whether there are disagreements among family members or not. Sometimes, families are even torn apart after dealing with the settlement of an estate. These are typical families, people who have worked hard their whole lives, who have built careers and raised families.

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People like you and me.

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And the unfortunate part is, most of it can be avoided with a little planning in advance. According to a 2015 poll, 64 percent of all the people in the United States have not done basic estate planning. That’s nearly two out of every three people. One of the reasons, I believe, is that many people don’t really understand what happens when someone dies without a will or estate plan.

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It’s a complex issue, but here are the two main problems that often occur:

• A large share of your accumulated wealth ends up going to costs you wouldn’t want, such as legal fees and taxes.

• Disagreements come up among your family members, leading to a lot of hurt feelings and damaged relationships.