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Here's a little known fact: President Lincoln died without a will. That's right, the 16th President died without leaving instructions about what to do with his assets when he passed away. It's ironic that Lincoln, a lawyer and someone who was haunted by thoughts of his death, did not get around to the most basic of estate planning actions.
More recently, when R&B entertainment legend James Brown died in late 2006, he left a mess behind that his heirs are struggling to un-tangle. Even if you're not a rock star, software mogul (or President), it's a good idea to manage your assets for the time when you're not around. You'll have the satisfaction of knowing that you're in control of this aspect of your finances now, that your wishes will be followed when you're not around any longer and you'll remove a lot of hassles from your loved one's lives when you've passed on. The good news is that you can do effective estate planning with a little thought and effort and some simple tools.
Keep in mind that estate planning is a legal process so be sure to ask an attorney for help if you're at all un-sure about something. In fact, for more than the basics (like creating a trust) you probably should have a help from an attorney. Here's a link to help you find an estate attorney in Washington.
With that caution in mind, you can make estate planning as simple or complex as you want. If you're on the "simple" side of the scale, here are the four estate planning documents everyone needs:
- Will
- Durable Power of Attorney
- Medical Power of Attorney
- Medical Directive
You can create these yourself by using either Quicken's WillMaker Plus 2009 or Suze Orman's Will & Trust Kit. There are a number of books out there on estate planning and one of the best and simplest is "Planning an Estate" by fee-only financial planner Sheryl Garrett, CFP®. You can order this great little guide on Amazon.com for less than $5.
Unlike President Lincoln, few of us want to think about dying. Living life is a much more fun. But to truly be in control of your money, you need to think about what happens to your asserts after you're gone. Spend some time now and you and your family and friends will feel better.
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