5 Estate-Planning Tasks That You Shouldn't Put Off

Christine Benz, director of personal finance at Morningstar, put together this solid reminder of things that most people should focus on when it comes to estate planning.  After just having a meeting with an estate planner I can attest that this is something that people should be focused on especially if you have asset and young children to protect.

For us, estate planning falls under the emergency plan pillar of the wealth management process that we have developed at DWCM.  As we have noted previously, emergency planning is more than having some cash in a savings account.  It is about protecting loved ones and assets during times of crisis.  Knowing that things will be taken care of if something were to happen to you.

Here are 5 key tasks to focus on when it comes to estate planning according to this Morningstar article.

1. Update Your Beneficiary Designations
2. Designate Legal Guardians
3. Create a Living Will and Last Will and Testament
4. Draft Powers of Attorney
5. Name an Executor