Estate Planning Basics

1. It does not matter what your net worth, it's still important to have a basic estate plan in place.> 2. Any reasonable estate plan contains the following. A will; assignment of power of attorney; and a living will or health-care proxy (medical power of attorney). For some people, a trust may also make sense. When putting together a plan, you must be mindful of both federal and state laws governing estates. 3. You can start with a inventory of your assets. Your assets include things like your investments, retirement savings, insurance policies, and real estate or business interests. Ask yourself three questions: Whom do you want to inherit your assets? Whom do you want handling your financial affairs if you're ever . . .

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