At any stage in adult life, it is a good time to plan for how your affairs will be handled in the event of your incapacity or death. A few simple steps of preparation will give you peace of mind. You will find comfort in knowing that your final healthcare wishes will be respected and that your estate will pass seamlessly to your heirs.
Surprisingly, over 80% of all African-Americans adults have not undertaken the most basic step in estate planning. The consequences of failing to execute a will do not fall upon the deceased, but upon loved ones who may not receive property intended for them, or who may find themselves mired in delays and legal entanglements at a time when they are ill-equipped to deal with them.
Estate planning is designed to:
- Proactively plan an orderly transition of your estate to those whom you wish to receive it after your heirs,
- Minimize taxes and other liabilities, and
- Help to avoid confusion, family backlash, and costly litigation.