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Basic Estate Planning

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Basic estate planning is an important part of saving for the future. By taking the time to plan now, you can ensure that your assets will be distributed as you wish when you pass away. Basic estate planning typically includes creating a will, naming beneficiaries for your accounts, and designating a power of attorney. A will is a legal document that stipulates how your assets should be distributed when you die. You can name anyone as a beneficiary, including family members, friends, or charities. A power of attorney is a legal document that gives someone else the authority to make financial decisions on your behalf if you become incapacitated. Basic estate planning can seem daunting, but it’s important to take the time to do it right. By taking care of these things now, you can rest assured that your wishes will be carried out later.

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Ms. Black, the host of Staying in the Black, is a single mom, homeowner, and public-school educator in NYC. She owns two properties and is one mortgage away from being totally debt-free. She loves traveling the world with her family and has over $500,000 in her retirement accounts beyond her pension.


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