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An article in USA Today lists “12 smart ways to spend $1,200” in 2012, and setting up an estate plan makes it in at #12. Here is the USA Today list with some notes from me.

1. Invest in your career. (My note – if you are a writer or an artist you can use estate planning to invest in your “career” or legacy. Mark Twain is the most recent writer to publish a book 100 years from the date of his death (NYT). See also this link (Blog post). And philanthropists have long utilized trusts of various kinds to further their interests after death (Lapham’s Quarterly).
2. Gear up with a new computer.
3. Support a candidate or cause. (My note – causes and parties can be supported as a part of your estate plan, whether by charitable donations during your life or by making bequests in your will to charities, causes and pretty much anything you like. See also 1 above.).
4. Invest in a low-risk mutual fund. (My note – a good estate plan will also touch upon retirement planning).
5. Train your inner Olympic athlete.
6. Make a feel-good investment. (See also 3 and 4 above).
7. Prepare for Mother Nature.
8. Help your community. (See also 1 and 3 above).
9. Support the arts. (See also 1 and 3 above).
10. Get bookish for relaxation and profit.
11. Fund date nights for a year.
12. Prepare for the end. - ”Even if you chuckle at the Mayan prophesy that the end of the world or some other calamity will occur in late 2012, let it be a reminder to take some steps to prepare for your own eventual passing. Long before retirement, everyone should have an estate plan with a will, beneficiaries for all accounts, a durable power of attorney, a health-care proxy or living will, and possibly trusts for any minor children. And those over age 65 should also discuss long-term strategies with an adviser, while they’re still able. An investment of $1,200 toward an estate plan can go a long way toward protecting your estate and minimizing potential expenses and hassles for your heirs.” (My note – depending on what you wish to accomplish with your estate plan, $1,200 can either be more than enough money or not enough to start the job).

After taking my notes into account, it looks like you can get 7 of these things done with an estate plan. Pretty good.

Happy New Year!

 

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