Estate planning isn’t as complex as it may seem and you don’t need a legal degree to create one. In short, estate planning is simply recording your wishes for what happens if you’re unable to manage your own affairs. This comprehensive workshop will give you a working understanding of the estate planning basics.
No one likes to think about death, especially their own. But think about this: What will happen to your stuff—money, family heirlooms, even a pet—if something happens to you? If you haven’t created a document that tells your loved ones who should get what, and who should sign off on those decisions and do all the paperwork, your loved ones will have to decide for (and potentially argue among) themselves. You can provide for your family’s needs, ensure your wishes are honored, and save your loved ones a lot of anguish during an already stressful time by creating an estate plan.
Although estate planning is essential for ensuring your money and property are distributed in exactly the way you want, only one third of adults in the United States have a Will. That overall number has fallen steadily over the past five years, but the COVID-19 pandemic did inspire those ages 18 to 34 to write a Will—63% more people in that age group created a Will in 2021 than in 2020.
So why don’t more people do it? The five main reasons are:
I just haven’t gotten around to it.
I don’t have enough money saved.
I don’t know how to begin.
I don’t know anything about it.
I don’t own anything valuable.
Unfortunately, these misconceptions are preventing people from putting even a basic plan in place. People perceive estate planning to be complicated, scary, or simply not relevant to them. The reality is, you don’t have to be a millionaire or own multiple homes to benefit from an estate plan.
You need an estate plan if:
You worry that your pet(s) could be given to a shelter
You want to make a final gift to a grandchild, niece, or nephew, or a friend or charity at your death
You have specific wishes about your health care and end-of-life care
You feel strongly about who should manage your affairs if you were unable to do so yourself
You really want your children to end up with your assets, if there is anything left after your spouse passes away
Some of your family members don’t get along and might disagree about who gets what or who should manage your affairs
You do not want a certain family member to receive your assets, to make health care decisions for you, or to manage your affairs
You own a significant amount of cryptocurrency
Do any of these sound like you? Because most everyone can benefit from the peace of mind an estate plan brings, we want to demystify the process so everyone—yes, even those without a law degree—can see that it’s simpler and more accessible than they think. And hopefully, through our estate planning education process we will equip you with enough information to quit putting off this important task.
Tyler is a Senior Portfolio Manager at Gradient Investments, where he focuses on portfolio management, asset allocation, and investment research across multiple asset classes. He provides market insight and portfolio strategy to support client investment decisions. Tyler is a CFA® charterholder and has been featured in media outlets including Schwab Network, Reuters, and The Wall Street Journal.
Keith joined Gradient Investments in 2018 and has more than 30 years of industry experience. Prior roles include senior portfolio manager for a large institutional asset management firm, managing a multi-billion-dollar portfolio. Keith is a CFA® charter holder, and has been featured in media outlets such as CNBC, Bloomberg, Investor’s Business Daily, Nasdaq and Reuters.
As President, Michael is the leader of Gradient Investments and has been with the firm since 2012. He brings more than 35 years of industry experience, including prior roles managing multi-billion-dollar portfolios for an institutional asset manager. Michael is a CFA® charter holder and is a frequent contributor on CNBC, Fox Business, Barron’s, and the Wall Street Journal.
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