Joel Johnson, a Forbes contributor, discusses three reasons why people do estate planning.
Whether you are leaving a huge financial windfall behind for your offspring or a smaller monetary account, it is important to create an estate plan which allows greater control, privacy and security of your legacy. Estate planning is defined (according to Wikipedia) as the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and after death, while minimizing gift, estate and income tax. Interestingly, 55% of Americans don’t even have a will, which can be an alarming thought, especially in certain states. In the state of Oklahoma, for example, there are certain laws that mandate how your assets will get distributed without a will.
