Why You Need An Estate Plan (And What Should Go In It)
Many people still believe that an estate plan is reserved for those with millions and mansions. This could be part of the reason why just 42% of adults in the U.S. have estate planning documents in place, including wills and powers of attorney. But here’s the thing: Anyone who cares about what happens to a) the people they love or b) the stuff they leave behind can likely benefit from setting up an estate plan. Although you might not plan to leave a whopper of an inheritance to your loved ones when you die, an estate plan is still the only way to make sure your assets go to the people or charities you love most. And, often more importantly, the will that sits at the heart of that plan is also the only way to name guardians for minor children.