• Celebrity
    • OTE – Screen Kings
    • Daniel Kaluuya Digital Cover
    • Digital Cover Method Man
    • Digital Cover Zazie
    • Celebrity News
    • ‘Yes, Girl!’ Podcast
    • Entertainment
    • Black Celeb Couples
    • Celebrity Moms
    • Red Carpet
    • If Not For My Girls
  • Fashion
    • ESSENCE Fashion House 2022
    • Fashion News
    • Street Style
    • Accessories
    • Fashion Week
  • Beauty
    • Best In Black Beauty 2023
    • ESSENCE Hair Awards 2022
    • AVEENO Skin Health Startup Accelerator
    • Beauty News
    • Skin
    • Makeup
    • Nails
    • Girls United: Beautiful Possibilities
  • Hair
    • Hair News
    • Natural
    • Relaxed
    • Transitioning
    • Weave
    • 4C
  • Love
    • Love & Sex News
    • The Solve Podcast
    • Weddings
    • Parenting
    • Relationships
  • Lifestyle
    • Black History Month
    • ESSENCE Gift Guide 2022
    • ESSENCE + smartwater Live Well Challenge
    • Build Your Legacy 2022
    • Dream & Plan with Confidence Prudential
    • AMEX Platinum Travel
    • Homecoming Season 2022
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Money & Career
    • Entrepreneurship
    • Travel
    • Food & Drink
    • Black Travel Guide
  • News
    • Paint The Polls Black
    • Sponsors Recognition Page 2022
    • Latest News
    • Raise Your Voice
    • Culture
    • Politics
  • Video
  • Festival
    • 2023 ESSENCE Festival Of Culture
    • 2022 Fest Videos
  • Events
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 HOLLYWOOD HOUSE
    • 2023 ESSENCE Film Festival
    • 2022 Girls United Summit
    • 2022 ESSENCE Fashion House
    • 2022 Homecoming Season
    • She Got Now
    • Dear Black Men
    • I Am Speaking
    • Power Tools
  • Studios
  • Girls United

WHERE BLACK CULTURE, COMMUNITY AND CONSCIOUSNESS MEET

Sign up for ESSENCE Newsletters the keep the Black women at the forefront of conversation.

Your email is required.
Your email is in invalid format.
Confirm email is required.
Email did not match.
Select the newsletters you'd like to receive:
Please select at least one option.
By clicking Subscribe Now, you agree to our Terms of Use and Privacy Policy.
Skip to content
SUBSCRIBE
  • MAGAZINE
  • NEWSLETTER
  • Celebrity
    • OTE – Screen Kings
    • Daniel Kaluuya Digital Cover
    • Digital Cover Method Man
    • Digital Cover Zazie
    • Celebrity News
    • ‘Yes, Girl!’ Podcast
    • Entertainment
      • Paint The Polls Black
    • Black Celeb Couples
    • Celebrity Moms
    • Red Carpet
    • If Not For My Girls
  • Fashion
    • ESSENCE Fashion House 2022
    • Fashion News
    • Street Style
    • Accessories
    • Fashion Week
  • Beauty
    • Best In Black Beauty 2023
    • ESSENCE Hair Awards 2022
    • AVEENO Skin Health Startup Accelerator
    • Beauty News
    • Skin
    • Makeup
    • Nails
    • Girls United: Beautiful Possibilities
  • Hair
    • Hair News
    • Natural
    • Relaxed
    • Transitioning
    • Weave
    • 4C
  • Love
    • Love & Sex News
    • The Solve Podcast
    • Weddings
    • Parenting
    • Relationships
  • Lifestyle
    • Black History Month
    • ESSENCE Gift Guide 2022
    • ESSENCE + smartwater Live Well Challenge
    • Build Your Legacy 2022
    • Dream & Plan with Confidence Prudential
    • AMEX Platinum Travel
    • Homecoming Season 2022
    • Lifestyle News
    • Health & Wellness
    • ESSENCE Eats
    • Money & Career
    • Entrepreneurship
    • Travel
    • Food & Drink
    • Black Travel Guide
  • News
    • Paint The Polls Black
    • Sponsors Recognition Page 2022
    • Latest News
    • Raise Your Voice
    • Culture
    • Politics
  • Video
  • Festival
    • 2023 ESSENCE Festival Of Culture
    • 2022 Fest Videos
  • Events
    • 2023 Wellness House
    • 2023 Black Women In Hollywood
    • 2023 HOLLYWOOD HOUSE
    • 2023 ESSENCE Film Festival
    • 2022 Girls United Summit
    • 2022 ESSENCE Fashion House
    • 2022 Homecoming Season
    • She Got Now
    • Dear Black Men
    • I Am Speaking
    • Power Tools
  • Studios
  • Girls United
Home · Money & Career

Death And Money: How To Protect And Provide For The Loved Ones You Leave Behind

Estate planning is one of the best things you can do for loved ones, yet, it's something many of us do too later in life.
Death And Money: How To Protect And Provide For The Loved Ones You Leave Behind
By Kara Stevens · Updated December 6, 2020

Many of us will remember where we were and what we were doing when we heard Kobe Bryant and eight others, including his 13-year-old daughter Gianna, died when the helicopter they were in crashed in Calabasas, California.

Life is fragile and when a celebrity or someone close to us dies, we are reminded of that. With Bryant gone at 41-years old, it’s also a reminder that death does not discriminate when it comes to age, making proper estate planning an important financial to-do for all of us, no matter how old we are.

Estate planning involves making a plan for the transfer of your property upon your death or incapacity. Your estate is all of the property you own, which can include cash, jewelry, cars, houses, clothes, land, retirement, investments and savings accounts. The goals of estate planning are to make sure most of your estate is transferred to your beneficiaries, you pay minimal taxes on the estate, and children are assigned guardianship.

This process should begin when you’re at least 18 years old, of sound mind, and as free as possible from emotional stress. This kind of planning should not happen when you’re on your sickbed, or at an age when your mental faculties are in a state of decline.

If you are new to estate planning, please take the necessary steps to ensure you start the process:

Draft a will. In general terms, a will is a legal document that articulates the distribution of your property and other assets upon death and can appoint guardians for minor children. Without such a document, the state in which you reside will be able to decide how to distribute your assets to your beneficiaries according to its laws. If you already have a will, make sure it’s updated to reflect an accurate listing of assets and beneficiaries that may be changed with a divorce, liquidation of property, or the birth of a new child.

Get covered. Life insurance is one of the first measures you can take to protect and provide for those that matter to you the most when you’re gone. Life insurance pays out a sum of money either upon your death or after a set period. You may have a life insurance policy as an employee benefit. This is a good start; however, workplace life insurance coverage isn’t portable which means it doesn’t follow you when you switch jobs. This can lead to gaps in coverage at times when you may need it most.

Make sure you speak to a life insurance agent or conduct an online search to compare types and terms of insurance to educate yourself so you can pick a policy that makes sense for you and your family’s needs.

Create a team. Estate planning is not a solo venture. You will need legal and financial professionals to help you create a comprehensive estate plan. Be sure to include these major players:

1. A financial advisor manages your estate’s finances—making recommendations and funding investment, retirement and trust accounts. A solid financial advisor also ensures that all of your beneficiaries and secondary beneficiaries are up-to-date will work with other members of your team to ensure there is coherence across legal paperwork and financial statements.

2. An estate planning attorney guides in choosing the best options for maintaining your estate after death or in the event of incapacity. In addition to preparing a will, this professional can prepare a living trust spells out exactly what your desires are with regard to your assets, your dependents, and your heirs while you’re still alive. This type of counsel can also draw up your power of attorney for your health care, verify property titles, and create legal document that ensures a succession plan for your business.

3. A tax professional who will support the personal representative or executor of an estate with closing responsibilities setting up an estate account, tax filings and paying the final distributions to beneficiaries. 

The biggest key to estate planning is to get (and stay) organized. Be sure you know the location and passwords (if applicable) of all your important legal and financial documents. It’s also important to communicate the location of these files to trusted family members and to your designated estate team.

TOPICS:  boris kojo ebro darden efcf Essence Full Circle Festival Estate Planning family planning FInance gbef Ghana global black economic forum mona scott young money Richelieu Dennis tina knowles lawson work and money
COMPANY INFORMATION
  • Our Company
  • Customer Service
  • Essence Ventures
  • Change Your Address
  • Contact Us
  • Job Opportunities
  • Internships
  • Media Kit
  • tag
SUBSCRIBE
  • Newsletters
  • Give a Gift of ESSENCE
  • Magazine Tablet Edition
FOLLOW US
MORE ON ESSENCE
  • Home
  • Love
  • Celebrity
  • Beauty
  • Hair
  • Fashion
  • ESSENCE festival

ESSENCE.com is part of ESSENCE Communications, Inc.

Essence may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.

©2023 ESSENCE Communications Inc. All Rights Reserved. | Privacy Policy | Terms of Use | Essence.com Advertising Terms

Get The ESSENCE Newsletter and
Special Offers delivered to your inbox

By clicking Sign Up, you agree to our Terms of Use and Privacy Policy.

Get The ESSENCE Magazine
by subscribing below
subscribe now