When Prince died last month, his
estate was estimated to be around $300,000,000.
surprising as it is that he didnít have a will, most people
donít have one.
According to LexisNexis, 55% of all
American adults donít have a will, and the numbers are even
higher for certain minorities Ė 68% for black adults and 74% for
Itís understandable why.
People donít want to think about their own death
- It costs
- People are procrastinators
- Itís about as
pleasant as going to the dentist
Yet estate planning is
every bit as important for the well-being of your family as
going to the dentist is for the well-being of your teeth.
What people whoíve never done it donít realize is that
estate planning involves a lot more that simply making out a
It involves addressing lots of tiny details that
people donít think about until itís too late. Details like the
numbers and locations of insurance policies, combinations to
safes or safe deposit boxes, and even passwords for email,
Facebook, and other online services so your survivors can let
people know youíre no longer here.
Financial guru Dave
Ramsey recommends keeping all this in what he calls ďThe Love
Losing someone you love is tough enough. But when
you have to settle their estate and theyíve left a mess, it
makes it 10 times worse.
So to be VERY, VERY clear about
If you have kids
and donít have a will, youíre being an irresponsible parent.
The good news is that this creates a perfect opportunity for
you as an employer to offer a very valuable fringe benefit.
Knowing that over half of your employees probably donít have
a will, hire a CPA or attorney to come to your company and give
a presentation on what people need to do and why itís so
It wonít cost you much because theyíll
probably get clients out of it.
If you have the budget,
pay the attorney or CPA to spend time with your employees one on
one and walk them through what they need to do. Youíll be amazed
at how many of your employees will thank you.
you do it, your employees will become more responsible people,
which makes them better employees.
And you become a
better employer, because youíre taking care of your employees
better than most companies do.
P.S. That country
music star hasn't had another major hit since I met him, and I
suspect he looks back now and relishes the days when strangers
acknowledged his accomplishments. I'll never again hesitate to
let anyone know when I appreciate what they do - no matter what
field they're in.
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