Monday, March 24, 2014
Michelle Singletary, a writer for the Washington Post, recently posted a personal story that highlights the importance of estate planning. Specifically, she draws attention to several documents that build a comprehensive estate plan including: bank statements, insurance polices, retirement and pension plans, veteran records, your will, guardianship instructions, and advanced medical directives. She also recommends drafting a "letter of instruction" with explains your wishes for your personal and financial information. According to a survey done in 2012, Findlaw.com reported only 35% of Americans have a will. Not having a will can lead to problems, particularly if your wishes regarding estate administration differ from the default laws in your state. You can resolve this issue by visiting an attorney and completing a comprehensive estate plan.
See Michelle Singletary, Get Your Affairs In Order, Just In Case, Washington Post, Mar. 23, 2014.
Special thanks to Naomi Cahn (John Theodore Fey Research Professor of Law, George Washington University School of Law) for bringing this article to my attention.