No one obviously likes to think about their death; however, sometimes it is necessary to plan ahead for the day that you will no longer be around. According to www.bloomberg.com , estate planning is “the preparation of a plan to carry out an individual's wishes as to the administration and disposition of his/her property before or after his/her death.” With proper planning, your wishes about how your assets should be divided up will be followed properly when the time comes.
Some helpful tips to tackle estate planning include:
· Go through and create a list of all your assets. Then estimate a monetary value associated with each of the assets.
· Plan accordingly for how any sort of debt you may have had in your life will be taken care of in the case of an event where you would die.
· Create a will and determine how your assets will be divided up. This will include naming a guardian for your possible children as well as an executor who will be given the duty to carry out the will.
· Purchase life insurance as a safety blanket for the future.
· Make sure to update this information if need be.
Sources: http://www.bloomberg.com/invest/glossary/bfglose.htm
http://wills.about.com/b/2009/02/09/estates-planning-tips-for-2009-do-you-have-a-debt-plan.htm
http://www.pueblo.gsa.gov/cic_text/money/estateplan/planning.htm
Great tips for future planning! -Janielle Viggiano
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