One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
The future is uncertain. However, you can ensure that your family and loved ones are taken care of with estate planning. Estate planning is a critical component of financial planning for the future.
When the rapper Coolio died in September, he joined a group of notables that includes Prince, Howard Hughes and Pablo Picasso—all of whom died without specifying who should inherit their money and estate.
Estate planning is an important, if unpleasant, part of life. It is suggested that people look at their plans at least once a year and update them when there are significant changes in life; such as divorce, the death of a loved one, or the birth of a child. The suggestion also works if there has been a fight within a family and the one leaving the estate would prefer to choose a new heir.
Before making a decision on a beneficiary, it's very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
When the 7520 rate is low—as it has been for 15 years—opportunities for good planning abound. However, what about when the rate is high? Few estate planners have needed to ask themselves that question until very recently.
