Get a Will!!!

I recently had an acquaintance of mine pass away suddenly from a heart attack—he was in his 40s. He had an active business and a family, but he didn’t have a will or a trust. Unfortunately for his family, they will now have to go through probate—a lengthy court-monitored process of transferring property and settling the affairs of an estate.Having a will or a trust is one area of financial planning that many people overlook. The general rule of thumb is that everyone needs a will, and people with a net worth over $1 million should have a trust. However, not everyone fits inside of that box—that is why I recommend speaking with an estate planning attorney to see how you can best prepare.A good estate planning attorney can be costly, but even if you’re a do-it-yourselfer and don’t want to speak with an attorney, this is one area that you can really mess things up for your loved ones after you’ve passed, and an attorney can help you do things right.Since no one knows the exact moment when they will die, do yourself and your loved ones a favor and don’t procrastinate.