By Greg Halbleib

BLOOMINGTON – Flowers and candy are nice during Valentine’s week, but a local financial adviser suggests forming an estate plan as a true gift from the heart.

Ross Hager from Busey Bank cited a LexisNexis report that 64 percent of Americans don’t have an estate plan in place. He suspects that indicates a reluctance to deal with life after we’re gone.

“It’s hard to think about preparing for your death and what that would mean for your family,” Hager said. “That can be a very difficult conversation to have.”

Hager adds that many of the ones who have set up an estate plan haven’t updated it.

“They don’t have a beneficiary set up on their 401k, or maybe they do but it’s the wrong beneficiary,” Hager said. “Maybe it’s an ex-spouse, and if that’s something you don’t change, then if you were to pass away, your ex-spouse would potentially receive your retirement account instead of your new spouse or your kids.”

Hager says an estate plan should include a durable power of attorney, advanced medical directives, a will and an informal letter that could include information such as the location of important documents and burial wishes. Busey.com has examples in a packet called “Message to My Loved Ones”.

Greg Halbleib can be reached at [email protected].