Understanding the Importance of Estate Planning

By: Jessie Bruyn

With today's economy in distress, it is becoming more and more important for us to think about our future and the future of our loved ones. No one wants to leave their friends and family with mountains of debt or unfinished business to take care of in addition to grieving for their loss. Many people think that estate planning is only for rich individuals. But as Heidi Brown comments in her recent Forbes article, it doesn't matter your age or how much money you h ave, creating a will cuts down on confusion and chaos after your passing.

There are currently new federal laws being under examination for change based on regulations applied to estate taxes which will be repealed in 2010. Roy Adams, professor at Northwestern University School of Law says "What happens in the next few months could cause some of the biggest changes we've seen in the trusts and estates field."

Often times people avoid creating wills and other estate planning documents (such as trusts and long-term care agreements) because of the sensitive questions and concerns that arise from related discussions. But it is especially important to get past the uncomfortable feelings to make this less stressful and run smoothly when a death does occur. Having a well planned will helps eliminate further stress caused after a death of a loved one and will be greatly appreciated by those you left behind.

http://www.forbes.com/2009/09/02/estate-financial-planning-forbes-woman-net-worth-guide.html

http://ifawebnews.com/2009/09/07/biggest-changes-weve-seen-coming-to-trust-and-estate-planning/

http://www.24-7pressrelease.com/press-release/planning-for-the-future-can-save-families-additional-grief-down-the-road-115199.php