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Talking about death: why discomfort shouldn't keep you from estate planning

Some haven't had time, some don't think they have enough to leave behind but experts say to make time and yes you do.

SOUTH CAROLINA, USA — Talking about death or end of life planning is an easy way to bring down the mood in any room. 

Though it's uncomfortable, everyone needs to start discussions about wills in their families.

According to a survey by Caring, a website that provides resources to caregivers, 2 out of 3 American adults don't have a will even though half of adults in the U.S.  think that estate planning is important.

When asked why they haven't started, 40% of adults said they just haven't gotten around to it. For younger adults, end of life and estate planning might not be a priority. 

More young adults, especially those who had a more intense pandemic experience, are starting to plan early. Numbers of 18-34 year old people reporting are up 50%, but even those heightened numbers are still low.

The second most common reason why  adults haven't started planning has roots in inflation and financial insecurity. They just don't think their assets are valuable enough to pass on. Caring revealed that 1 out of 3 American adults feel that they don't have enough savings to leave behind.

A New York Times survey revealed that 9 out of 10 Americans worry about inflation. 

Fear of inflation and the financial instability, it can cause an influence how people view their existing finances say experts. 

As a result, people can feel that the savings they have are too small to make an impact on their family's finances.

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Even with these barriers, it is important to consider what happens to your belongings after you pass. 

When a person dies and does not leave a will, they have died intestate. Dying intestate means that your assets are handed to the state and divided in court. 

South Carolina law states that when that happens, half of your assets will go to your living spouse and half will be divided among children or grandchildren. That may be what you want to do anyway, but you should still write it down in some estate planning documents say experts.

Having documents can help surviving family members avoid long court proceedings to divide the assets, that sometime can take more than a year. Court proceedings can also be expensive and may lead to part of the estate being lost in fees.

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Some adults procrastinate on their estate planning because of the perceived financial burden say planners. Hiring a financial or legal advisor can be expensive. In South Carolina, ETV Endowment can help people plan early with their estate planning resources without breaking the bank. 

ETV Endowment offers free Personal Estate Planning Guides to help organize the essentials without the help of an advisor. 

Once everything is filled out, the documents can be filed away for safekeeping, given to a family member, or passed on to an advisor. 

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