Having an estate plan is an important part of financial preparedness. Being prepared involves taking action prior to an emergency event. It allows you to state your wishes and make it easier for your family upon your death.
However, nearly 60% of U.S. adults don’t have a will according to caring.com . Like anything else, being rich and famous like Aretha Franklin, doesn’t change the basic laws of financial planning. Aretha Franklin is one of 12 music superstars who died without leaving a will, let alone a full estate plan. Having a will is the first step in most estate plans. Most adults, especially those are married and/or have children will also want to consider a living trust or more advanced estate planning tools.
Learn more with the American Bar Association’s Estate Planning FAQ’s.