August 23, 2014
FOR IMMEDIATE RELEASE:
Contact: Amanda Edwards
I & E Insurance Agency
Do you have a Will setup and is it available to help pay for your Funeral?
Funeral Planning--- not exactly a topic the majority of us want to think about, but it’s actually something we all have in common. We all will eventually die, the question is when where, why and how…If it were written down somewhere, a date on a calendar- then maybe we could plan for it. Or at lest arrange to be out of town…But all kidding aside, planning for one’s last wishes and requests should be done ASAP. We will all Die, it’s as natural as being born. And planning our arrangements and last wishes should be thought out long before friends & family say their last goodbyes.
So, what Considerations should you think about after one’s death?
First, consider the Funeral, where will it be held? Do you want one, Will funds be available? How will my family survive? How will the bills be paid? If you have a sizable estate, will my wishes be carried out, who is my trustee? Do I have a will setup. Has my will be updated? Do I want to be buried or cremation? How will my family survive? Will my family be embarrassed at the wrong time? Will there be enough cash available for the funeral? Who will pay for the gathering afterwards? The cars, the home flowers etc? There are so many questions that have to be asked and then answered.
That’s why it’s important to get competent advice from an Attorney and Financial Advisors and why you should consider a Trusted Choice Insurance Agent who can help you start planning immediately. After one dies, the surviving spouse or family is usually unprepared for all these questions and tend to make decisions under duress. Decisions made in haste under stress usually cause waste. And this isn’t a problem reserved for the poor or the middle class. Recently it’s appeared with the very affluent, and from celebrities, like Opera Singer Pavarotti, to Hollywood star Philip Seymour Hoffman. Both men died without a will or completed instructions. And now we hear about the death of Robin Williams--while details are not fully known, we do know that he was having severe cash flow financial difficulties.
Concerning Your Final will and Testament. A 2014 Study estimates that 71% of Americans younger than 34 do not have a will. And reports indicate over 40% of seniors over 65 don’t have a will. But what is truly shocking- the absence of a will by wealthy celebrities, folks we would presumably have all kinds of access to money, assets, and Big Shot attorneys—Most studies of average Americans indicate that most do not have wills because they believe its too expensive and they think their assets are too small to be considered. The affluent and highly paid shouldn’t have that excuse. This author has seen on many occasions, surviving families fighting over the estates of their loved ones, and this has occurred on estates of all sizes.
Relatives and friends will argue over how a deceased person’s assets and wishes are handled and distributed. A No will situation --can sometimes mean a first class free for all.
Another overlooked consideration---A will, is the only primary way a guardian can be named for a minor child. A trust can help to avoid probate, particularly if one owns real estate. Life Insurance and Annuities can also bypass probate and in some cases, are completely tax-free. Thus the cost of creating an estate plan is not as expensive as you may think and could ultimately save your estates substantial tax dollars. And information is easy to find, especially since today there are so many ways online to get self-help information.
So, there’s No excuse to join the famous people listed below who all died without wills.
Abraham Lincoln. The 16th president of the United States assassinated in 1865 was ironically also an attorney. Yet, he was the first president to die without a will.
Bob Marley. One of the fathers of reggae music, died in 1981. His estate was worth more than $30 million, needless to say, lawyers were employed to fight it out.
Howard Hughes. A billionaire, and well known recluse died in 1976 at the age of 70. His estate was eventually divided among 22 cousins after a fake will was dismissed.
Michael Jackson. The so called “King of Pop” has surviving children, but his mother filed a probate alleging he did not have a will. The Jackson estate continues to earn big bucks.
Pablo Picasso. The famous artist died in 1973 at age 91, leaving a vast fortune of artwork, real estate, gold and cash. The estimates of the battle over his estate lasted six years and cost $30 million,
Jimi Hendrix. The rock era icon died in 1970. This battle for his estate lasted for 30 years
Sonny Bono. A congressman at the time of his death, he died in ski accident in 1998. His current wife Mary Bono had a long drawn out fight with ex-wife Cher about his estate.
If a plan isn’t created ahead of time, and updated, what one thinks will happen, could be very different from what actually does occur. In the case of Philip Seymour Hoffman he indicated in his will that he wants his son Cooper to be raised in New York, however since his will wasn’t updated, no plans were stated for his other children.
Read more at http://guardianlv.com/2014/02/top-ten-famous-people-without-wills/#V37lbeigwM0E3etH.99
Once your will is written, how do you pay for the funeral, or at least start to save enough funds for your final considerations. One way is to consider, Life Insurance, whether Term, Whole Life, Indexed Life or a Simplified Issue Senior Final Expense policy.
There are many ways you can protect your family, more on the choices next time---
I & E Insurance Agency, a member of the ANE Network of Independent Insurance Agencies http://ane-agents.com and associated with the Trusted Choice® Agency network, has been nominated in the Annual Asbury Park Press 2014 ANNUAL “Best of the BEST Awards for Ocean and Monmouth County”.
I & E Insurance Agency previously was awarded by the Asbury Park Press in 2011 and 2012, and won the coveted 2014 NJ Monthly Magazine/ 5 Star Award for Best in the NJ State Auto-Home Insurance Agents category , see March 2014 NJ Monthly Magazine.