Study also showed that LGBT Adults did not documented important financial information either
SPRINGFIELD, Mass.–New research from Massachusetts Mutual Life Insurance (MassMutual) found that 6 in 10 LGBT adults (62 percent) aged 45-60 currently do not have a will. Furthermore, nearly 2 in 5 (39 percent) respondents surveyed reveal that they have not documented important financial information.
Despite not having adequate planning in place, of the individuals surveyed, 35 percent said they want to leave a positive legacy to be remembered as being a great friend, with 18 percent wanting to be thought of as a generous person.
“Leaving a positive, meaningful legacy is important for LGBT adults,” said Wonhong Lee, head of Diverse Markets at MassMutual. “That’s why we want to help them align their legacy, values and aspirations when planning for their loved ones’ financial future.”
Writing a will is the most basic step in estate planning, regardless of the size of your assets and the extent of your property.
Importance of having a will
1) Legal protection. Do you want an officer of the court deciding who gets your money, jewelry, possessions and real estate? Probably not. That’s what will happen without a will in a process called “probate,” which can be time consuming and may leave your heirs with higher court costs and legal fees than would be the case if you had a will.
Even with a will the probate process, which gives formal legal approval to the distribution of a decedent’s assets, can be time-consuming and costly, especially if the will or its executor is challenged by creditors or heirs. But at least with a will in place, the probate process can usually move more quickly than with no will at all.
2) Assign guardianship. A will protects your choice of who takes care of your children and pets. This is such a personal decision, you’ll most certainly want to make it yourself and have it in writing.
3) Tax implications. You may have more assets than you think, and you’ll want to leave your heirs with as much as possible. There may be inheritance and estate taxes at both the federal and state levels. A will can possibly help your heirs avoid unnecessary taxation.
4) Peace of mind. If you think family situations can get complicated around the holidays or when it comes to sibling rivalries, just add money or valuable assets to the mix. At least with a will in place, there’s the chance your estate can be divided with a minimum of family strife.
MassMutual is a leading mutual life insurance company that that is run for the benefit of its members and participating policy owners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit massmutual.com/lgbt.
[From a News Release]