by Cathy Pareto, CFP®, AIF® (Contact Author | Biography) When most people hear the words "
estate planning" they usually think that wealthy individuals are the only ones who need it. But they couldn't be more wrong. Regardless of how much money you have, you need to think about what will happen to your
assets and who should receive the things you own after you pass away.
An estate plan can be as simple as having a will and naming a beneficiary for your 401(k), or as complicated as having several trusts for different purposes in addition to your will. Let's explore why you need to think about having an estate plan regardless of the value of your assets.
For basic information on estate planning, read
Getting Started On Your Estate Plan.
For more estate planning dos and don'ts, read
Six Estate Planning Must-Haves and
Top 7 Estate Planning Mistakes.
Next: Estate Planning: Estate Planning Basics »
by
Cathy Pareto, MBA, CFP®, AIF, is the founder and president of Cathy Pareto & Associates, Inc., Investment Management and Financial Planning. Pareto has more than 12 years of experience in the financial services industry. After a 10-year engagement as a senior financial advisor with a large investment management firm, Cathy decided to pursue her passion for helping individuals, families, small businesses, young executives, and other professionals with substantial investable assets, but who fall below most large investment advisory firms' account minimum requirements.
