Reassessing Your Risk Tolerance? Don't Overlook Estate Planning
by Ellen J. Boling
With the recent downturn in the economy, many people have focused on trying to protect their assets from further decrease in economic value. For most individuals, this has consisted of a reevaluation of their risk tolerance for loss, which may have necessitated a change in investment strategy or even an investment advisor.
However, the same people may not be considering the risk of a decrease in their economic value by failing to have an adequate estate plan. Many people do not see an estate plan as necessary. Others recognize the need to plan, but have no idea whom to contact or how to begin.
Estate planning encompasses much more than simply protecting ones assets; it provides peace of mind that your assets will pass according to your wishes at the least cost and administrative burden. Whatever ones reasons for taking the risk of not planning, there is no doubt that it is a risk that one should not take.
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