You Can't Take It With You: The Importance of Estate Planning

No one likes to think about dying, but the time to do so is before it becomes an immediate concern. Most people should have a basic estate plan in place, one that answers the following questions: Who will get my property? Who will care for my children? Who will manage my estate?

Once these basic decisions have been made, it is important to have the proper documents drafted in order to ensure that your wishes will be carried out after you are gone. When you think of estate planning, you know that you need a will, but a comprehensive estate plan often includes far more--life insurance policies, powers of attorney for health care, living wills, and trusts.

You should get professional help to put an estate plan into place. An estate planning lawyer can help make determinations such as "how much insurance do I need?" and "how can I best provide for my children?" and then prepare the documents necessary to turn these decisions into reality. Given the importance of your estate plan, using a professional will give you peace of mind that it has been done correctly.

Finally, it is important to review your estate plan periodically. Decisions that you made when your children were infants may no longer make sense now that they are adults. Reviewing your plan every few years will ensure that it encompasses all of your wishes and reflects changes in your life circumstances.

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