We already know what's up. Black Americans have the country's highest rate of life insurance policies, and it's a good thing we do. Life insurance can make the difference between a family able to settle affairs comfortably and a family destitute.
A will acts as a family's roadmap; it lists how assets will be distributed. It also determines everything from how to pay debts, guardianship for children, and how to settle any remaining payments in connection with the estate.
The average funeral costs between $7000 and $12,000. Planning can save families added stress and financial burden. It's essential to be mindful of pre-payment, however. Situations can change that may affect costs.
Passwords, power of attorney, a hard copy of a will, and other vital documents make life easier for families. Keeping everything together and easily accessible will help the family should they need to provide documentation or access any accounts for any reason.
This information can help prepare their families for long-term generational well-being and financial security. Having a plan in place can protect our families from financial hardship and look out for the generations that come after us.