Don’t be like Prince: Why Estate Planning is Crucial
My 7th Guiding Principle is 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.”
And now case in point; Prince. In the CNBC article reminds us that we should have a will and lists several steps in helping you with the process. This is usually one of the first projects I do with new clients because there is little use in planning for things if when you pass away, it all falls apart.
Granted, it’s not the reasons clients come to me. Clients usually find me to help them with the management of their portfolios, help them plan for retirement or other long range goal. Many need help finding out what is important to them and helping them accomplish those goals. Nonetheless, estate planning is at the top of my list for them. Because, as I stated before, there is little use in planning for things if when you pass away, it all falls apart.
To help in this process, I keep a short list of very qualified attorneys that will help you draft very good documents. Besides the will, you will need both health care and general durable powers of attorney. Many also need a trust of some sort.
I don’t recommend the online versions of help like Legalzoom as stated in the article. Because I believe you get what you pay for. You should be getting estate planning documents. You should spend that amount, not the amount of a clean white shirt or a dinner for four at the local burger joint. As noted in my First Guiding Principle, retain good council.