According to a 2015 survey from Rocket Lawyer, 64 percent of Americans don’t have a will.1 A will is often the most basic step in developing an estate plan as it provides guidance and instruction on which assets should flow to which heirs after your death.
A will is a valuable tool, but it can’t do everything. Even if you have a will, you may still have needs and goals that aren’t sufficiently addressed by your current plan. You may want to consider a trust.
Do you have a goal to leave a sizable legacy to your children, grandchildren and other loved ones? Maybe you want to leave an inheritance that your grandchildren could use to pay for college. Or perhaps you want to leave a nest egg for your children to use to fund their retirement. Whatever your specific objectives, it’s natural to want to help those who are closest to you.
However, you may have found that funding retirement is a bit of a challenge. Perhaps you’ve relied on debt to fund living expenses or pay for things like medical bills. Maybe you’ve used credit cards or even refinanced your home. Or it’s possible you might have co-signed loans for your children or other family members.
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