Wills: Not just for the elderly, also for the young and single

Many people think that only older Americans who are married or have children need to worry about estate planning. That, however, is far from the truth. Younger Americans who are single also need to think about estate planning, especially if they have a net worth that is over $100,000.

Think about what will happen to your assets if you die tomorrow and don't have a will. Instead of the assets you worked hard to get going where you want them to go, they would go to whomever the court decides to give them to. In some cases, your assets would just go to the state.

Despite the morbidity of thinking about your death, it can actually help you and your family to live in peace knowing that it will all be taken care of as you desire. One area that you might want to consider is whether you will donate something to charity when you pass away. If you desire to do so, you need to make a plan for it now.

As your wealth accumulates, it is important to explore different options about how to include it in your estate plan. By staying flexible with your estate plan, you are more likely to come up with a plan that makes you totally happy.

While you are making your plans and as you review the plans, make sure you understand how Oklahoma laws will apply to your estate if you make changes to it. This will help to ensure that your assets will always be distributed and used as you desire.

Source: The Fiscal Times, "How Zuckerberg Wannabes Should Plan Their Estates" Beth Pinkster, Jun. 02, 2014

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