No Time like the Present When it comes to Estate Planning

National Estate Planning Awareness Week is October 17-23

WOBURN, Mass.–(BUSINESS WIRE)–“In this world, nothing is certain except death and taxes.” While we all might agree with Benjamin Franklin’s famous words, it often seems easier to manage our obligations to the IRS than it is to accept our mortality and plan ahead for our family’s financial future.

As National Estate Planning Awareness Week is observed from October 17 to 23, Heather McKee, an Assistant Vice President at LegacyShield®, says now is a good time to take stock of your finances and build a plan.

“People in their 20s and 30s often think they’re too young to need an estate plan, but the fact is it’s never too soon to start,” says McKee. “It also becomes increasingly more important to have a plan in place as people get married, progress through their career, buy a house or have children.”

According to McKee, estate planning doesn’t have to be expensive or complicated, depending on your personal situation. In fact, it’s easy to get started and there’s much you may be able to do yourself without professional help. These simple steps can help.

Step one: Get organized by making a list of your assets. Once you’ve completed this inventory, map out your wishes and where you’d like your property to go after you’re gone.

Step two: Determine the best way for you to distribute your assets – via a will or trust.

A will is a legal document that specifies how a person wants their property to be disposed of after their death.

A trust, on the other hand, is a fiduciary arrangement in which a third-party person or organization, called a trustee, holds assets for the benefit of a beneficiary or beneficiaries. One advantage to trusts is that they usually avoid probate – a legal process for settling an estate that wills have to go through – so beneficiaries could receive the assets more quickly than if they are distributed via a will.

Whether you choose a will or a trust and whether you need to consult a lawyer or estate planning professional will depend on your individual financial circumstances.

Step three: If your estate is relatively modest and uncomplicated, there are DIY options available. For example, LegacyShield — a free digital platform offered to SBLI policyholders — allows you to create a will or a trust and offers the ability to store these and other important documents, including bank accounts, credit cards, investments and insurance policies, in a “digital vault” until they’re needed.

“Life can be unpredictable. Whatever route you follow, the most important step is to begin the process now,” says McKee.

About LegacyShield®

LegacyShield is a user-friendly secure digital platform that helps people store, organize and share all of life’s most important information when their loved ones need it most.

SBLI has partnered with LegacyShield to provide certain products at no cost. Additional LegacyShield products may also be available for purchase. Your relationship or agreements with LegacyShield are separate from your relationship or agreements with SBLI. The kits you may be receiving access to through LegacyShield are not intended to be legal, tax, or investment advice. You should consult your own legal, tax, or investment advisor regarding your personal situation. LegacyShield is a subsidiary of SBLI. Products or Services offered under LegacyShield are not insurance and are subject to change. For more information, please contact SBLI at www.sbli.com or via telephone at 800-694-7254.

SBLI is The Savings Bank Mutual Life Insurance Company of Massachusetts. Woburn, MA. Products and features may not be available in all states © 2021 All rights reserved. NAIC #70435 22-4217 10/22

Contacts

Alexander Caswell

Regan Communications Group

617-488-2885

scaswell@regancomm.com

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