Prudential and GoodTrust Unite: Empowering Black Families for Generational WealthThe impact that estate planning has on generational wealth within Black communities cannot be overstated. Although 33% of Black adults recognize the importance of having a will, less than half of that group has taken the step to create one. This hesitancy contributes to the broader trend that Black families are less likely to engage in estate planning compared to their White counterparts. Consumer Reports highlights this gap showing that 77% of Black Americans lack a will as opposed to 61% of White Americans. This disparity may be due to several factors including misconceptions surrounding the importance of estate planning, a historical mistrust toward institutional systems, and a lack of estate planning discussion among family members.
Pet Directives: The Ultimate Love Letter To Your PetIf you're among the many households with a beloved pet, you likely want to ensure their happiness and well-being, even in times when you can't be there for them. 66% of U.S. households own a pet, that’s 86.9 million homes, and nearly all U.S pet owners (97%), consider their furry and scaly friends like part of the family. Caring for your family is one of the main goals of estate planning. Including your pet in your estate plan is easier than ever, at GoodTrust, we’re the only estate planning platform that offers a complete Pet Directive.
Estate Planning: Expressing Love Beyond WordsIn a world where Valentine's Day often translates to chocolates, flowers, and a white tablecloth meal, there lies another way to express your love - an Estate Plan. While unconventional, this gift may actually be more meaningful and thoughtful than it's traditional counterparts. While flowers and chocolate last only a few days, an estate plan lasts a lifetime and strengthens your relationship by showing how much you value your future together.
What is a Power of Attorney and why should I consider one?Planning for the future involves more than just considering how to distribute your assets after your passing. It also requires thoughtful preparation for unexpected events or situations that may arise during your lifetime. One essential tool for such planning is a Financial Power of Attorney (POA). In this article, we will explore what a Financial POA is and why you need one as part of your comprehensive estate plan.
Trust Me It's Worth It: Benefits to Setting Up a TrustA big part of starting your estate plan is choosing the right foundational documents: will vs. trust. To help you make an informed decision, in this article we’ll guide you through the various benefits of a trust. As a reminder, similarly to a will, a trust is a foundational document for estate planning, outlining the distribution of your assets, property, and belongings to beneficiaries. It also specifies guardianship for minors and pets. A trust differs from a will as it operates as a more robust document that offers several advantages. Learn more about the differences between a will and a trust, here. Now let’s dive in!
How GoodTrust's Digital Vault is Changing the Landscape of Estate PlanningThe estate planning industry plays a pivotal role in helping individuals and families protect and manage their assets, plan for the transfer of wealth, and ensure their wishes are fulfilled during and after their lifetime. With changing demographics, evolving legal frameworks, and increasing complexities in financial affairs, estate planning has become an essential aspect of personal and financial management.
Estate Planning After a DivorceWhichever way you look at it, divorce is very complicated thing to go through. Even if all things unfold as best as they can, divorce means major changes in life and that can be tough. Although it is a heavy emotional time, it is important to handle all things administrative and logistical during or soon after divorce which includes revising your estate plan and making sure to take all applicable documents into account from your will or trust to your health directive. At GoodTrust, we are dedicated to providing you with estate planning tools that are easy, comprehensive and, most importantly, revisable. The following is a step by step plan on how to review, revise, and instate your new estate plan after a divorce.
What you need to know about setting up a will, trust, and estate planPlanning for the future is an important responsibility that allows you to protect your assets, ensure the well-being of your loved ones, and leave a lasting legacy. One key aspect of this planning is setting up an estate plan. An estate plan is a comprehensive strategy that outlines how your assets will be managed, protected, and distributed during your lifetime and after your passing. However, an estate plan goes beyond just distributing your assets. It encompasses various legal documents and strategies that help you achieve specific goals, such as minimizing taxes, providing for your family's financial security, planning for incapacity, and supporting charitable causes. Moreover, estate planning allows you to have control over your affairs, ensure your wishes are honored, and minimize potential conflicts among family members.
How Estate Planning Can Reduce Stress During the HolidaysAs we are approaching the holiday season, we think about the joy, celebrations, and lasting memories we make with our loved ones. Not many people think about the importance of estate planning during that time, however it can reduce stress and bring peace of mind to you and your family. Wether estate planning becomes a new years resolution or you bring it up for the first time over dinner, here are 5 ways these conversations can help reduce stress:
6 Ways to Talk to Your Partner about Estate PlanningConversations about estate planning may not be the most romantic, but they are undeniably essential for securing your shared financial future with your partner. Having these discussions is a great way to make sure you feel confident about the choices you are making. While your partner may be the most important person in your estate plan, we understand that bringing up the topic may feel slightly uncomfortable. To help make this conversation a smooth one, we've put together a list of ways to get it started. Please consider the following as guidelines to help you dive into the conversation.
The Future of Benefits: How Estate Planning is Changing the GameIn today's ever-evolving job market, one thing remains constant: the need to provide innovative and relevant ways to attract and retain top talent. Voluntary benefits have emerged as a major component of an employee’s compensation package, and that’s not likely to change anytime soon.
GoodTrust Partners with Divorce.com to Bridge the Estate Planning GapDivorce is a significant life event that brings about a series of legal and financial changes. With 1.99 million marriages in the US each year and a 50% divorce rate, coupled with the fact that estate planning laws vary from state to state, individuals often find themselves needing to revise or establish an estate plan that aligns with their new personal and financial situations. GoodTrust and Divorce.com have recognized this need and have joined forces to offer a solution for individuals to navigate the estate planning process efficiently and effectively.