Estate planning is a large part of your personal financial plan.

    

   What would happen to your savings if something happened to you? You alone decide where, how much of, and most importantly who will get your savings. Having a will is a must for property that does not have a beneficiary designation. Review your choice of beneficiaries every 4-7 years because things change in life. Many of us change who is designated in our wills but forget to change beneficiary designations on life insurance, 401ks, and IRA's that pass from one person to another by beneficiary not by wills. When you have big changes in life, such as divorce or a death in the family, it's a good time to review these choices.

   Dying intestate (without a will) can leave your minor children vulnerable. I was shocked to find out that if something were to happen to parents the state would decide the best situation for the couple’s children. The state has no way of knowing what you have in mind for them. If you have children under 18, it’s absolutely imperative that you write a will and name a guardian, just in case. See you next week Finwiz.