Who needs Estate Planning?

By Ryan Dennin

It seems there is quite a bit of talk in the world about where to put your money. 401k, investment bonds, the stock market etc. What very few people talk about, or plan for is who is going to happen to their estate when they die. It is not secret that you will die, and it is something you need to be prepared for. The perfect candidate for someone that needs to spend the money, or the time to do estate planning is… EVERYONE! Whether your number 1 concern is who will take care of your kids if you die, who will get your house, or who will get the $25k you have in cash savings it is worth taking the time out and planning properly for this. A will is a good first step in planning for your estate. Wills can be drawn up by an attorney, or there are plenty of online sites that can draw a simple one for you. The other big miss by people is oversight. Whether it is your will, or the name of the beneficiary of your life insurance plan, it is important to update them as things change in your life. If you get a job at 20 and keep the job till 50 chances are you might have something happen that the beneficiary information should change. All in all, the lesson is that proper planning will ensure that your loved ones are taken care of after you pass, and you have control over the decisions you would want to make despite not being here any longer.

Sources:
http://www.calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10581&id=2206#3
http://www.nytimes.com/2009/01/27/your-money/estate-planning/primerestate.html?em
http://www.fool.com/personal-finance/taxes/how-to-guide-plan-your-estate.aspx