A little planning prevents a lot of trouble later. Its the same in life as it is in computing.
A story in Time compared the two. The writer was distraught as her computer was, in essence, given its last rites. But since she had backed up everything important on the hard drive, her anxiety was lessened and she was able to resume her daily activities with minimal interruption.
That is what estate planning is all about, the article pointed out. You manage all your unorganized financial affairs so your loved ones don’t have to do it from scratch.
The problem is that 41 percent of Baby Boomers and 71 percent of those under age 34 don’t have wills, says a study cited in the article.
That’s the same as not backing up the important stuff on your computer.
It means your loved ones will have to sort through your affairs, causing them all kinds of grief and expense.
The message is clear: prepare a will that names individuals who are responsible for settling your estate, taking care of your children, and managing trusts you may have set up for others.
Also: prepare an up-to-date list of all your financial assets and liabilities, and appoint a durable power of attorney as well as a power of attorney for health care and draw up a living will.
And review the documents regularly in case things change.
