It’s that time of year again—the end of the year and all of the festivities, celebrations and holidays that this time entails. Amidst the holiday craziness, you may also have a bit of extra time on your hands if you are on a break from work or school.
If so, there are a few things that may need your attention. Consider getting these 3 items done as a future gift to yourself and your family, or even just as a way to jump-start the New Year, into a New You.
1. Your will your way
One of the tasks you may have been putting off is your will. Already have a will? Great! If it needs to be updated, now is a good time to get it done. No will? No problem. Get started with the basics and you can modify it later. If you need extra incentive to create a will, learn about the worst-case scenarios.
A survey done by Tomorrow in 2017 found that 75% of Millennials and Gen-Xers in the U.S. do not have a will. That's a lot of people whose finances and property could be in complete disarray if they pass away unexpectedly.
Many of them have kids, but 59% do not have a guardian designated for tir children in case something happens to them.
One great benefit of having a will is peace of mind —knowing that you have at least the big details taken care of, like guardianship, distribution of property, or end-of-life directives. As you age and your circumstances change, you can modify the will to fulfill your needs.
2. Consider getting a trust
Beyond having just a will, creating a trust makes sense for a number of people, and they aren't just for the rich. But most people are not familiar with the benefits—88% of those surveyed did not have a trust, yet 86% want one after understanding the advantages.
Just to name a few examples, a trust would be advantageous if you want to reduce the probate process, need specific tax or liability effects, want to keep the estate private, have been married multiple times and have children from a previous marriage, or want more financial protections in place for your children if they lose you.
3. Then there’s life insurance
If the only life insurance you have is from your employer (which isn't enough), consider getting a policy. There are a number of great options for life insurance, and having a policy is a great safety net against the unexpected.
If you have life insurance (or will have it), then there are a number of reasons you should consider placing it in your trust.
We can help!
If you have zero done on your estate plan, this may sound like a lot to tackle. Fortunately, the Tomorrow app makes it a piece of cake. You can get started on your documents in the app by plugging in some basic information and making a few key choices. Tomorrow handles the rest!
Members can create a free will, and a living trust in minutes. Then, they can fund that trust with a recommended amount of inexpensive, term life insurance. Tomorrow takes the guesswork and stress out of estate planning and buying life insurance.
Sign up for a free account today so you can ring in the New Year stress free!