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Estate planning for 'Baby Boomers'

Members of the "baby boomer" generation are notable for their care of their health -- they eat right, work out and strive for long lives. Baby boomers are also getting to the age where estate planning is becoming yet another thing on the endless "to-do" list. Checking in on the estate planning process periodically is an important step, like good diet, because things are constantly changing.

The acquisition of new assets or new debts, the death of a beneficiary or trustee, a divorce -- any of these factors require revisal of a will or estate plan. Mike Piershale, the president of a financial group and Casey Dowd, a Fox business consultant, discussed the importance of "estate planning checkups" a few weeks back. Their advice, more than anything: keep it current. Stay as up-to-date as possible in regards to the information in your will, because as things change, the will could become obsolete.

Piershale also recommends checking up on taxes, retirement planning, life insurance policies and investment planning. The more that is done proactively the better; no one wants to have their loved ones tied up in probate court over their assets. Documenting the many details of your estate, from your 401k to your favorite deck of playing cards, will make the division of your estate after your death a less stressful experience for your family.

Getting all of these details taken care of while in your 50s and 60s can save you the headache later of scrambling to take care of details later in life. A qualified attorney who deals with estate planning and probate cases can be an excellent resource in the planning process for you and your family.

Source: Fox Business, "What Boomers Need to Know About Estate Planning," Casey Dowd, Sept. 13, 2012

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