On this Memorial Day, I remember those who have come before me. Those who paid the ultimate price for freedom. Some of them include former classmates and friends at the Academy. Some are complete strangers. They all paid the cost for our country to enjoy the liberties that we enjoy to this day.
I also think about there families. I think about my family. I think about the fact that my Mother and my Grandmother, both of whom have long passed from this life, but their sacrifices allow me to be here today. It does not escape me that I am just a generation removed from a little girl (Grandmother) who picked cotton on a plantation in the South. These are sobering thoughts and they serve as important reminders of where I come from and where I need to go.
My Grandmother died in 2003. My Mother less than a decade later. They both died in poverty. I think about that constantly and I am determined to not allow my life to end the same way. Eventually we will all pass on from this life, so its imperative that we leave a legacy that will carry on in our future generations. One way to do this is having an estate plan.
An Estate plan typically consists of four components: A healthcare power of attorney (POA), living will, financial power of attorney, and a trust. At a baseline we should all have a healthcare POA and a living will, yet most Americans do not have one. In fact, 55% of Americans die without a living will and up to 71% of Americans do not have a will that is up to date. This is not acceptable. If your goal is to create generational wealth, then an estate plan is essential.
Your estate plan is your way to have a say in what happens to your body, your assets, and your family upon your demise. If you don’t take the effort to talk about this and prepare, your State laws will decide what happens to your assets. If you don’t think that can turn into a nightmarish scenario, the read up on what happened to Prince’s estate following his unexpected death.
An estate plan is easy to create, you just have to make the effort or pay someone (i.e. Lawyer) to do it for you. We as Americans do a great job of purchasing life insurance, however we’ve done a very poor job of protecting our families if we die. The only way to be better is to do better. So today I challenging you to add an estate plan to your financial plan, and at the very least add a living will.
As always if you have questions or concerns regarding creating an emergency fund, investing, real estate, insurance, or planning for the future, don’t be afraid to speak with qualified financial advisor. Smart Asset has a great tool to find an advisor in your area or feel free to email me (contact@surgifi.com) to help you on your path to financial independence.
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