Do-It-Yourself Financial Plan Step #3 Estate planning is not just for the dying. Wills, trusts, powers of attorneys, medical directives, etc- sounds so awful. But consider that if something were to happen to you and your spouse, a judge would say who your children would go to live with. Or without a corrected beneficiary designation, an ex-spouse could get insurance proceeds upon death. Your family could keep you leaving like a vegetable in a nursing home against your wishes because you didn’t have a clear Do Not Resuscitate (DNR) on file.
Don’t even get me started on what will happen to your investments without an estate plan. Kiss that investment plan goodbye.
At the very least, you and your spouse should have written wills. If you can’t afford an attorney, look through my resources for do-it-yourself options. Beware though that each state has unique twists so make sure your will is federal and state compliant.
Estate planning isn’t for the dying. It is for the living. It is part of a firm financial foundation that is a necessity before you start to invest. Secure your foundation with steps #1-3.