Building a career, supporting a family, and creating a legacy takes years of effort. Without current planning, though, one unexpected event could create complications for the people you care about most.
According to Caring.com's 2023 Wills and Estate Planning Study, 66% of American adults don't have a will or living trust. Among those who do have estate plans, many haven't reviewed them since creation—despite changes in family situations, asset values, and tax laws. The documents sitting in a drawer may no longer accomplish what you intend.
The Cost of Being Unprepared
Without appropriate planning, families face predictable challenges. The probate process can be lengthy and costly, with delays lasting months or years. Wishes regarding healthcare decisions and asset distribution might be unclear, leaving family members uncertain during an already emotional time.
According to AARP, families without proper estate planning spend an average of $8,000 to $12,000 more in legal fees and administrative costs compared to those with updated plans. That's money leaving your estate that could have stayed with your family.
Insurance deserves the same attention. Life insurance provides resources to replace income or fund educational goals. Disability insurance replaces income if injury or illness prevents you from working. According to the Council for Disability Awareness, more than one in four 20-year-olds will experience a disability lasting 90 days or longer before reaching age 67. Yet many professionals lack adequate coverage, particularly those who are self-employed or have significant income beyond base salary.
Moving Forward
A financial advisor helps you approach these decisions systematically. Together, you review and update estate documents to reflect current circumstances. You assess insurance coverage to determine whether it aligns with your family's actual needs. And you create a plan designed to position your family well and honor the legacy you want to leave.
Being thoughtful and intentional with the wealth you've built can ensure you take care of the people closest to your heart.
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Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA & SIPC.