By Lindsay Chin
This article was found on CNNmoney.
1. No matter your net worth, it's important to have a basic estate plan in place.
Such a plan ensures that your family and financial goals are met after you die.
2. An estate plan has several elements.
They include: a will; assignment of power or attorney; and a living will or healthcare proxy (medical power of attorney). For some people, a trust make also make sense. When putting together a plan, you must be mindful of both federal and state laws governing estates.
3. Taking inventory of your assets is a good place to start.
Your assets include your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you're ever incapacitated? Whom do you want making medicial decisions for you if you become unable to make them for yourself?
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