Latest news with #MaryClementsEvans
CNBC
2 days ago
- Business
- CNBC
Only one in four Americans has a will. But writing one is easier than you think
Dying without a will can leave a knotty financial mess for your loved ones to unravel. But only one in four Americans has a valid will, according to a new survey from Western & Southern Life Insurance. Barely half of respondents (53%) reported being confident that they understood their spouses' wishes. Even fewer (48%) could say the same about their parents. Nearly a third of those surveyed (30%) admitted they've never discussed end-of-life financial plans with their family members. Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent willmaker Trust & Will offers an easy-to-follow question-and-answer format and access to attorneys who can provide a line-by-line review or advise on estate and tax planning topics. You can print your documents or have them shipped to you.$199 for an individual will, $299 for a joint will; $499 for an individual trust, $599 for a joint trustQuicken WillMaker & Trust allows users to create wills, health care directives and living trusts, both online and through downloadable software. Its all-access plan includes a digital storage vault through Everplans.$109 to $219, ($39 per year to make changes after the first year) 'People don't want to talk about a will for emotional reasons," Mary Clements Evans, a certified financial planner and president of Evans Wealth Strategies, told CNBC Select. "They don't want to think about their death or their spouse's death." Over half (54%) of respondents admitted discomfort kept them from broaching the topic. But the silence around estate planning can have devastating consequences: Most Americans struggle financially when a family member dies and they're left grappling with both funeral costs and the loss of income. While many count on life insurance to cover expenses, a quarter of respondents said they faced difficulty accessing death benefits or other critical funds. Close to 40% turn to credit cards and personal loans to close the gap, according to the report. Without a will, your estate could be tied up in a lengthy probate process, Evans said, "and the state gets to decide who gets your assets." State intestacy laws have specific rules for spouses, children and siblings that might not align with your interests. The advent of online will-makers has made estate planning much easier and more affordable. Users follow simple prompts and can have a legally binding document recognized in all 50 states in one afternoon. Since launching in 2017, Trust & Will has helped over a million Americans codify their end-of-life plans, with basic wills starting at $199 and trusts starting at $499. "Talking about end-of-life planning can feel heavy, but it doesn't have to be," Trust & Will CEO Cody Barbo told CNBC Select in an email. "Creating a will online removes much of the fear, cost and complexity that have historically held people back." You're not legally required to have a will. Without one, however, you won't have control over who inherits your assets or becomes guardian to your children. In addition, a will allows you to appoint an executor and can greatly simplify the probate process. An online will is an affordable solution for many people, especially those who are hesitant about the time commitment and expense involved in traditional estate planning or are uncomfortable discussing end-of-life topics with strangers. However, people with large estates, complex family dynamics or minor children may need personalized care from a qualified estate planning attorney. And even if you choose an online option, you should still consult family members and experts about your wishes. As long as it meets all of your state's legal requirements, an online will is as binding as one prepared by an attorney. In many cases, you'll need to print the will and sign it in front of two witnesses who are not beneficiaries. In some states, the relevant parties can sign electronically. In others, it needs to be in ink and notarized. You should review and update your will every three to five years, according to AARP. You may also want to revisit it in the wake of life changes, like the birth of a child, a marriage or divorce, or a move to a new state. We work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed certified financial planner Mary Clements Evans, the president of Evans Wealth Strategies, a wealth-management firm in Emmaus, Pennsylvania. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal finance article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Yahoo
18-05-2025
- Business
- Yahoo
Making money decisions comes easier when you understand your emotions, author says
Money and emotions are a messy tangle for many people. That's why for Mary Clements Evans, a certified financial planner, financial therapy is the linchpin of the work she does with her clients. In her new book, 'Emotionally Invested: Outsmart Your Anxiety for Fearless Retirement Planning,' Evans dissects the fear, anxiety, and guilt that money decisions can stir up and offers advice on how to calm down and find financial happiness now and in retirement. I sat down with Evans to learn more about what folks can do to take control of their money lives and make choices they won't regret. Here are edited excerpts of our conversation. Kerry Hannon: Why is it so important to understand our 'money why"? Mary Clements Evans: Our money why is what drives our decisions — the underlying reasons behind our financial actions.. It's how you feel about money. It's your relationship with money. I liken it to my relationship with brownies. I know how many calories are in a brownie. Guess what? I am going to eat brownies because it makes me feel good even if there are lots of calories. The same thing happens with money. The smartest, most well-educated people make poor financial decisions because their money why is not in a good spot. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy There are two primary money whys: FOMO (fear of missing out) and FORO (fear of running out). Can you dig into what is FOMO versus FORO in terms of our money decisions? People who have FOMO are hyper-focused on today. These are the people who want to buy the car, take the vacation, redo the bathroom. FORO ones are hyper-focused on the future. They're always afraid they're not going to have enough money to retire. They're not going to have enough money if something bad happens. They're all about safety and security. There are shades of those in many people, of course. Let's talk about the title of the book. What do you mean by emotionally invested? We all like to think that we make rational decisions. We don't. We make emotional decisions, then we back them up with a series of facts that make us feel like we made a factual decision. If we acted completely on facts, nobody would have borrowed money that they shouldn't have. Nobody would be hoarding money that they could spend. How has saving for retirement profoundly changed for Americans? For a long time, many people had pensions. Corporations had them because they wanted to attract employees. But after the Employee Retirement Income Security Act, or ERISA, became law in 1974 that slowly changed. Retirement saving was turned over to the individual worker. The worst thing that happened is we told everybody, 'This is so easy, you can do it yourself,' which is crazy. Learn more: A step-by-step guide to retirement planning You're busy doing your job, raising kids, maybe taking care of parents. And in your spare time, you're supposed to have complete knowledge about the most complex system there is on earth. I've been in finance my whole life, and a week doesn't go by that something doesn't cross my desk and I say, 'What the heck is this?' You use the term 'saving for survival.' Can you discuss? Plenty of people don't realize the importance of saving for retirement. They think of retirement as something very far into the future. This isn't saving to have a wonderful retirement, take vacations, buy the beach home, and do all these other things. You have to save to survive — to have enough money for food, shelter, and clothing. In today's extended lifespan, you could be in retirement 20 or 30 years. Think about that. Even if you started when you were in your twenties, you're going to spend 40 years saving to live a life, with inflation, for 20 or 30 suggest an exercise where folks finish this sentence: Money is... Explain that for Yahoo Finance readers. People say: Money is the root of all evil. Money is fun. Money is scary. Money is confusing. Money is problematic. My favorite: Money is not my friend. Of course, the real definition is that money is the means of exchange for goods and services. That's what it is. But every answer I get is full of emotions. You spend a fair amount of time in your book telling people how to find a financial adviser. What is the most important thing people need to know? The most important thing that people need to realize is that in our industry, there are no standards. The two most-searched terms for financial help are 'financial adviser' and 'financial planner.' Yet there's really no set of qualifications for you to call yourself that. You can have somebody with a high school diploma and a weekend course, and they can call themselves a financial adviser. But then you have somebody who has a master's in finance, certifications, and years of experience, and they have the same title. Learn more: What is a financial adviser, and what do they do? There are several good certifications out there. I'm a big fan of the CFP, which is a Certified Financial Planner designation. It takes about two years to attain, and it's hard. It's like getting a master's in finance. It's a tough test, and it requires tons of ongoing education. Finally, Mary, what is the biggest takeaway from the book? I'm trying to remove the shame and blame around finance. Shame doesn't work. People should not feel bad about themselves. So often when I meet new clients, regardless of their education or their income, in the first five minutes they start apologizing to me, saying they should have done this or that. Removing that shame and blame is a good thing. And it's never too late to be empowered, become smarter savers and investors so you can ultimately enjoy a more secure and worry-free retirement. My job is for individuals and couples who feel frustrated and overwhelmed by money and have a hard time talking about it to figure out how their money whys subconsciously affect financial decisions, and, most importantly, how they can identify theirs (and their partner's). That is what can change your financial world. Kerry Hannon is a Senior Columnist at Yahoo Finance. She is a career and retirement strategist and the author of 14 books, including the forthcoming "Retirement Bites: A Gen X Guide to Securing Your Financial Future," "In Control at 50+: How to Succeed in the New World of Work" and "Never Too Old to Get Rich." Follow her on Bluesky. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
25-03-2025
- Business
- Forbes
Mastering Money Emotions For A Balanced And Secure Financial Future
Emotionally Invested by Mary Clements Evans is released with Forbes Books. New York (March 25, 2025)—Emotionally Invested: Outsmart Your Anxiety for Fearless Retirement Planning, by Mary Clements Evans, is now available on Amazon. This book is published with Forbes Books, the exclusive business book publishing imprint of Forbes. Mary Clements Evans latest book explores the emotional drivers behind financial decisions, offering readers a fresh perspective on managing money. Evans, a certified financial planner® with decades of experience, introduces the concept of the "Money Why," a unique money personality that influences every financial choice we make. Evans helps readers determine whether they are a FOMO (fear of missing out) or a FORO (fear of running out), empowering readers to embrace their financial realities without judgment or guilt. Through real-world anecdotes and thoughtful advice, Emotionally Invested helps individuals and couples build a fearless approach to retirement planning. Readers will discover how to find the right financial advisor, create a robust financial plan and overcome the "rug puller" moments that disrupt long-term goals. Evans' book also tackles the dangers of misinformation online, the eight components of a solid financial plan and even includes a recipe for a chocolate martini to ease life's challenges. 'This book contains my most important observations from working with more than 500 individuals and families for over 20 years,' Evans said. 'Chief among them is the different Money Whys people bring to the table, how these Money Whys subconsciously affect financial decisions, and, most importantly, how you can identify yours. Knowing your Money Why can change your financial world—and no, I'm not exaggerating.' With a compassionate tone and innovative strategies, Mary Clements Evans breaks down the myths of traditional financial planning, emphasizing the importance of behavioral finance. This book isn't about charts or graphs—it's about understanding yourself and creating a financial future that aligns with your values and goals. This release is posted on behalf of Forbes Books (operated by Advantage Media Group under license). About the Author Mary Clements Evans, CFP®, CDFA®, ABFS®, is the founder and president of Evans Wealth Strategies in Emmaus, Pennsylvania and a registered principal with Raymond James. She specializes in helping individuals and couples overcome their fear, anxiety and guilt about money so they can achieve financial happiness now and in retirement. Mary earned a BA in accounting from Temple University and spent 25 years in corporate finance with Exide Battery, Goodall Rubber, Kellogg's and Rodale Publishing before starting her firm in 2008. She is an international speaker and has been named to Raymond James's Chairman's Council for six consecutive years. About Forbes Books Founded in 2016 in partnership with Advantage Media Group, Forbes Books is the exclusive book publishing imprint of Forbes Media. Forbes Books offers business and thought leaders a way to share their ideas and expertise with the world. Authors are carefully vetted to ensure their stories and insights align with the Forbes mission of driving success through innovation and entrepreneurial thinking. For more information, visit
