Money Monday: Why estate planning is important

Money Monday

LANSING, Mich. (WLNS) – It’s not something many of us like to talk about. What happens to your estate when you pass away? It’s important and relatively easy to do. In this week’s Money Monday it’s Estate Planning Week, and we break down how to plan your estate.

This week, 6 News was joined by Patrick Hicks, head of Legal for “Trust & Will.”

“State planning at its most basic level. It’s making a set of decisions today for what you would want to happen in the future,” said Hicks.

“If you’re unable to make decisions later, that could include a situation like your death, but also could include situations where you may still be alive, but unable to make your decisions due to some sort of medical need. The estate plan lets you make those decisions.”

According to Hicks, 60% of Americans lack an estate plan.

“It’s a good idea to revisit your plan periodically, just to make sure what you have in place has not changed. And if you don’t have a plan in place, it’s a great opportunity to take this time and put one in place. It is much easier today to put a plan in place than ever before. There are solutions that align, like Trust and Will that you can go online and have it done in as little as 15 minutes, [but] you can always find a local attorney and get one done on your own time,” said Hicks.

“But there should be no excuse for not having a plan in place.”

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