BY: Jessie Bruyn
As many of us watch our portfolios dwindle and bills add up, it's tempting to put off planning for the future. Experts caution, though, that everyone--no matter their age or family status--needs to sit down and plan their estate.
Whether you are wealthy or debt-laden, you should tell loved ones and put into writing how you want your estate to be handled, says Debbie Whitlock, co-owner of Sound Financial Partners, a financial-services practice in Seattle.
Easy Organizing: Plan Your Estate
She says women often assume that such after-death planning is something only rich people need to do. Perhaps it's the word "estate." That's wrong.
"It doesn't matter how much money is in your bank account" or what age you are, says Whitlock, who works mostly with female clients. "Everyone needs to do estate planning. Without it there's a lot of confusion and chaos."
Estate planning isn't just about distributing cash. If you don't have a will, your children could end up guardians of the state. Heirs could end up liable for your debts. Loved ones will be saddled with your funeral costs with no hope of reimbursement until after a lengthy court process that can take years.
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