Many people assume that estate planning is for the elderly and the wealthy.
When in fact, if you begin as early as age 40, you stand to reap significant benefits immediately - not the least of which is protecting your heirs from a host of legal complications if you were to pass away unexpectedly. One of the first steps you'll need to undertake is to have wills drafted for you and your spouse. A valid will, the cornerstone of any estate plan, assures that your estate is distributed at your death as you wish it to be. The selection of a guardian for minor-aged children is anything but a trivial decision. You also need to name someone to manage the settlement of your estate.