When you hear the words “estate planning”, do you think of Bill Gates, Warren Buffet, or maybe Oprah?
Those folks need things like wills because it’s obvious their heirs will need to know who gets what. Right? I mean, Oprah doesn’t even have children. If she survives Stedman – I’m giving them common law status – who gets her stuff?
Of course she needs to do some heavy duty estate planning.
According to a USA Today article, 64% of Americans do not have a will yet. I (cough cough) fall in that category, at least for now. Yes, I know it’s important. I just haven’t gotten around to it yet (kind of like donating that old couch that’s taking up space in my garage).
Rebecca Neale, the Personal Finance Lawyer, set me straight – in a nice way. Estate planning is not just about having a will. Although that’s vital. Regardless of your family status (married, single, parents, allergic to kids), there is likely someone, somewhere who will probably see to your physical and financial affairs when you can’t.
We covered the basics of a good estate plan in this episode of the Midday Money Show. Why you need one. How to get one. How to approach it DIY. Don’t let finances be a barrier.
The bottom line is – your loved one’s will need guidance in case you become incapacitated. Death is not always the only area. An illness or accident can throw you for a loop. Wouldn’t it be nice to recover and heal without wondering if your mortgage gets paid.
With two young children, WonderMan and I need to agree on and appoint a guardian. We’d talked about it before, but to my surprise were still not on the same page. The good news if we have ample suitable options between our families. We just hadn’t chosen one person (or let them know) until I spoke with Rebecca.
Nothing like a sit down with professionals to help with a little motivation.
Since I recorded the podcast, we identified the responsible parties. Now I need to make it official. I hope you receive a friendly boost to put some things in order after listening.
It’s not hard. It’s just one of those things that may fly below the radar – until we need it.
Will you put together a basic estate plan? Leave a comment on the new Midday Money Show voicemail. Call: (773) 893-0241
“An estate plan provides guidance to your loved ones who are already dealing with difficult time.” ~Rebeca Neale
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