When most Americans think about estate planning, we immediately get sensitive about the reality of our mortality but upon getting around those sensitive thoughts, the next thoughts are around the costs of setting up a fool-proof plan, writing wills, or setting up trusts which entails a whole lot of legalities. Also, among Millennials and Genz workers, the entire concept of estate planning is seen as quite outdated and too traditional to be considered until perhaps when they start approaching middle age.
“In 2022, 66% of American adults do not have an estate plan”
However perceived, the concept of estate planning should not be boring nor should it be only for the middle-aged. As an individual, that owns a bank account or credit card, you ought to have contingency plans in place. While it’s important to plan your estate and have legalities drawn up, it doesn’t have to be expensive or time tasking.
October 17th to 23rd was National Estate Planning Awareness week; one thing that
We can all agree on is that life is not predictable and we should plan for every possible outcome. Several DIY options like Cova are available in the market and would help put a plan to your finances in the case of an eventuality.
Cova helps you by giving you the tools to be financially free, with or without an eventuality. With Cova, you get to:
- Track all your assets in one place; view your real-time net worth at a glance
- Make sense of your personal finance by reviewing analytics on your net worth, over a period of time
- See how well your asset classes are performing against each other
- Keep track of your traditional asset e.g real estate
- Track the value of your bitcoins, ETH, credit cards, and bank accounts, in real-time
- Store digital files e.g wills, agreements, and insurance policies, in a safe vault
- Set up a dead-man switch that notifies your loved ones in the case of an eventuality
Not making an estate plan means if life happens, you have no exact wish and the government gets to control all you’ve worked so hard for.
Think about it… how prepared are you, for the lemons life may bring?