Thinking about creating an estate plan? The Vanguard Group, Inc., recently released a helpful piece listing five facts that everyone should know about estate planning:
1. If you own anything, you have an estate.
2. Your estate plan comes into play if you are incapacitated or if you pass away.
3. If you fail to plan, your state's laws will make decisions for you.
4. Update your estate plan regularly, as your plan is not final until you become incapacitated or pass away.
5. Although DIY estate planning can save money now, generic forms may be inappropriate for your situation, costing your loved ones in the long run.