10 Financial Ideas Americans Don’t Apply (But They Should)

Creating an estate plan

Around 60% of Americans haven’t taken any steps to put an estate plan in place, according to a recent Caring.comsurvey. Estate planning tools such as wills and trusts help you make sure spouses, children, and pets are cared for.Making an estate plan also allows you to decide where your money goes, instead of having intestacy law determine what happens to hard-earned assets.

For many people, creating a DIY will is fairly easy using simple forms you can find online. However, if you have a blended family, disabled loved ones to provide for, significant assets, minor children, or other family or financial factors that make your plan more complicated, it’s best to talk with an attorney. Some offer a flat-fee service to help you put together a plan and keep legal costs affordable.

Your estate planning process shouldn’t just include creating a will either. It’s a good idea to make a living will to specify preferences regarding the use of extraordinary measures to keep you alive in case of a medical emergency. You can also find sample forms online so you have control over medical issues in a time of crisis.