Estate Planning For All Ages

May 2, 2014 2:49 PM
Estate Planning For All Ages
" BOSTON (CBS) – Estate planning is a key element in any financial plan no matter what your age. And it really does matter when you are young. Estate planning allows you to decide how your assets should be distributed upon your death.

And a word of advice to those under 50: young people die also; dying does not just happen to old people. But too often young people think it does and that is a stumbling block to get this last piece of the financial plan finished.

If you do not have a will the state of Massachusetts will provide one for you. It has estate laws that dictate to whom your assets should go to if you die.

And if you are married with young children and both parents die, the children’s guardian will be left up to the state’s court system.

Think about this, do you want your cousin Vinnie and his wife to raise your kids? If there is a lot of life insurance money involved, cousin Vinnie will probably step right up to help out.

So have a conversation with the person you are considering to raise your children "

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