Estate plans are essential. One of the first questions I ask new clients and prospects is if they have estate planning documents. Everyone has a plan. And, if you don’t have estate plan, then your state government has a plan for you.
I recommend you retain an estate planning attorney and tell them what to put in your plan. Otherwise, you and your beneficiaries may not be happy with what your state government decides how to divvy up and distribute your things.
Like my first guiding principle states, “Hire good counsel.” Don’t do this yourself. Get a professional!
For sure, no charity will get any of your things no matter your intentions. Your family? Probably. How much to each beneficiary? Maybe or maybe not what you had hoped for.
This article by CNBC contributor Scott Cohn, let’s you know that even if you don’t have millions, you still need a plan.
And, even with the best plans and documents, I recommend you talk with your beneficiaries about your decisions. It may not be easy, but it will help them after your death.
Like one of my guiding principles states, “You need to plan for your estate before the government does it for you. Everyone will die; yet very few plan on “dying so soon.” “
Be well, Dan
Related article: Don’t be like Prince.