The COVID-19 pandemic has rattled many of us. News of people in the prime of life succumbing to the illness naturally leads us to contemplate our own mortality. We worry about the fate of our loved ones – both emotionally and financially – in the event of our death. Now more than ever, we’re being reminded that estate planning is for everyone, at any age. You may help reduce anxiety with estate planning.
Taking precautions like wearing a mask in public places, keeping a six-foot distance from people outside of our households, and washing hands before and after all outside interactions can help reduce your risk of illness. Being proactive in creating an estate plan can help reduce your family’s risk of financial devastation.
No one likes to think about death, and many people find estate planning stressful. Working with a professional planner can ease that stress and help the process go quickly and smoothly. Once complete, estate planning can reduce anxiety. It removes one large element of the unknown and provides peace of mind that family and loved ones won’t have to worry about financial loss.
Key Elements: Estate planning elements vary depending upon net worth, employment, marital status, and number of dependents. In general, the process includes:
- Calculating assets and future expenses;
- Creating a will and advance medical directives;
- Assessing life insurance needs; and
- Designating beneficiaries, guardians and trustees.