8 Steps for Estate Planning

 Fortune Magazine’s Ellen McGirt published an interesting summary article on CNNMoney.com, entitled Revisit your estate plan – You may think you’re prepared, but dividing up your assets upon yourdeath is only the first step in protecting yourself and your family.

“Most people need some sort of will; everyone needs a living will andhealth-care power of attorney, which direct caregivers should youbecome unable to make decisions for yourself. Working through thoseissues can be difficult, but having your estate paperwork based onoutdated thinking can be disastrous.”

She lists the following eight steps for estate planning:

1. Rebalance your 401(k)

2. Revisit your estate plan

3. Sock it away

4. Give smarter

5. Review your health plan

6. Clean up your taxable account

7. Do a property insurance checkup

8. Check the new credits and taxes