While the current stock market boom has some people rejoicing it doesn’t appear as though their level of anxiety has abated much. Investors sometimes have short memories, but a stock market rally s is not likely to make people forget the carnage left behind in their 401(k) s and stock portfolios after one of the worst market declines in our history.
A will is the foundation of your estate plan and it is essential if your financial affairs are to be settled in accordance with your wishes. If you die without a will, or “intestate” as the law refers to it, essentially the state becomes your executor and your property will be distributed according to its laws.
If you have read any literature on retirement planning or have received advice from a financial professional, chances are you were presented with the 70% rule, the one that suggests that retirees will need between 70 and 80% of their pre-retirement income in order to maintain their standard of living.
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