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 Protect your loved ones and your estate by planning ahead

Recent statistics show that about 40% of Americans die without a will,which is also known as Intestacy.

Not having a will can cause many problems for the family of the deceased, and that's why wills are as important as life insurance when planning for your family's future.

So why do people fail to complete this important part of their financial plan? Some excuses people make :

Reluctance - Not wanting to think about death.

Lack of importance - Feeling the estate is too small to matter.

Procrastination - Claiming they'll get around to it soon.

Cost - Legal procedures are too expensive.

However, while no one enjoys thinking about death, not having plan can affect the assets you've accumulated over your lifetime.

Smaller estates sometimes need even more carefully planning because there a fewer assets to be distributed to key beneficiaries.

As for cost, many attorneys offer a free initial consultation and then provide estimated costs for preparing the will.

The drawbacks of not having a will

Dying without a will means that your local state intestacy law will determine who gets what and at what age.

Most state intestacy laws split assets among the imediate family, but these laws don't take individual family needs and financial situations into consideration.

Other key disadvantages of not having a will are:

. No tailoring of assets to specific beneficiaries.

. No protection for younger beneficiaries (they'll receive assets outright at an age of 18 without financial guidance.

. No named guardians for minor children.

. No selection of executors or trustees (the court will appoint someone)

. Increased time and expense in settling the estate.

A well-drafted will and estate plans need to be updated periodically.

Clients should review their estate planning documents when there's a significant change in the value of the estate, in tax laws or in the family situation (such as marriage, divorce or a new baby)

Along with a will, "CLOVERLEAF INSURANCE" recommends getting:

. A durable power of attorney.

. A living will, which addresses end-of-life decisions.

. A health care agent, which allows someone to work with the health care system to make sure living will wishes are carried out.

Writing a will helps give you peace of mind that your wishes will carried out after you pass away. It's an important part of financial planning that will give your family one less thing to worry about during a difficult time. or 1-800-530-5822

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