by Melissa J Luther

Created on: May 14, 2010   Last Updated: May 18, 2010

You're never too young to begin estate planning. Even if you don't have much, remember that your estate consists of more than bank accounts and real estate. It also includes your personal property, like cars or jewelry. You probably have an idea of who you’d like to have these things.

If you die without a will, the courts will decide how to dispose of your assets, usually to family members, which may not be what you want. Estate planning is a way to make your wishes known. With an estate plan you can:

* Identify who gets what

* Ensure that the probate process (disposition of your estate) is as easy as possible on your loved ones

* Indicate what, if any, medical procedures you wish to undergo in case you become unable to make those decisions

* Make your funeral arrangements and decide how to pay for them

While your own death is typically unpleasant to contemplate, a clear estate plan is a thoughtful parting gift for your loved ones. Death and dying is stressful enough without having to guess what medical treatments to authorize or fighting over the estate.

Review Your Estate Plan Periodically

Your estate plan is not a static document. As your life changes, your estate changes, and your plan should evolve. You should review your plan whenever you have a major life change, to ensure it still meets your needs.

Revisit your plan when:

* You get married: While many states have laws to ensure a spouse receives some portion of your estate, they probably don't reflect your desires

* You have a baby: You will want to designate a guardian, in case both parents die

* You get divorced: You may want to remove your ex as a beneficiary, as well as set up trusts for your children

* You open new investment accounts: Be sure you submit a new beneficiary designation form

* A beneficiary dies: If you don't revise your plan, state law may determine how that person's share is divided among the remaining recipients

* You start or dissolve a business

* Tax laws change

* You change your mind

Since life changes are themselves stressful, it's easy to forget about your estate plan. Therefore, it's also a good idea to review it yearly (on a specific date each year) to be sure you don't miss anything.

Learn more about this author, Melissa J Luther.
Click here to send this author comments or questions.