Wednesday, March 21, 2012

Estate Planning in the Real World

Recently USA Today ran an interesting story, and it does a great job of casting light on the reality of estate planning in modern America.  Gone are the days of wills "being read" in a lawyers office, with an audience on the edge of their seats.  It has been replaced by trusts, medical costs eating up a person's net worth in their final years, and of course, the complexity of blended families.

The article ends with a "what to do" section.  My advice, take control of the situation now.  But your wishes on paper, in a legally binding format.  Doing a will gives those you left behind a bit of guidance about what you really wanted.  And if you are facing an illness but are tight-lipped about finances, you may want to reconsider and tell your loved ones just how much that top rate care costs.  Especially if you have "waiters" (used in the article to refer to people waiting for an inheritance that may never arrive) in the family.

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