No will? Haven't documented financial information? Now's the time to do something about it
(BPT) - Do you want to be remembered for being a great mom, dad, daughter or son? Do you believe you're taking the necessary steps to leave this legacy?
More than half (53 percent) of respondents in a recent survey commissioned by MassMutual indicated they want to be remembered for being a great mom, dad, daughter or son. However, three out of five (60 percent) indicated that they do not have a will, and two out of five (40 percent) have not documented their financial information.
MassMutual offers the following tips to help plan for your financial future and legacy:
1. Start today by documenting financial information in the "What my loved ones need to know" guide to ease unnecessary burden and help family members and friends carry out your final wishes. Also, tell someone you trust where the information is. Respondents to MassMutual's survey were most likely to trust their spouse or significant other (58 percent) with access to this information in the event of an emergency, while about one in five (19 perfect) trust their children with this information.
2. Draft a will. The consequences of not having a will could become troubling, time consuming and costly for loved ones.
3. Update beneficiary information and review it annually for necessary updates. For example, many may not know that it is not sufficient to simply change your will after a divorce, as the beneficiary forms for your life insurance policy and retirement accounts trump whatever is stated in your will.
4. As retirement nears, get up to speed on Social Security. In a separate survey commissioned by MassMutual last year, more than half (62 percent percent) of Americans over the age of 50 failed a true/false quiz when asked basic questions about Social Security retirement benefits.
"MassMutual honors its commitments, and at the forefront is helping people secure their future and protect the ones they love," says Roger Putnam, head of MassMutual U.S. insurance operations. "By taking the time now to plan for the future, you can enjoy financial well-being, appreciate life's most important moments, build a positive legacy and be more confident in the future of your loved ones and the memories you leave."
To learn more about preparing for your financial future or to connect with a financial professional, visit massmutual.com.