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Majority of Americans have outdated estate plans | Money Smart

Estate planning is making decisions today for what you want to happen in the future

PENNSYLVANIA, USA — The majority of Americans don't have an updated estate plan in place should anything happen to them. 

"Estate planning is making a set of decisions today for what you want to happen in the future if you're unable to make decisions at that point in time," said Patrick Hicks with Trust & Will. 

Hicks says, it's important every adult has an estate plan in place, but as you get older and have children this plan becomes even more important.  

"These are not just decisions that happen to you but to your family, your loved ones and it goes beyond the things you like," said Hicks. "Like who will care for your children if you're a parent with children under the age of 18 your estate plan can name the guardians of those children." 

Estate planning can seem like an overwhelming task, but Hicks says, it's much more simple than people think. 

"Many people don't know where to get started but the good thing is ultimately it's your decisions about what you want to happen," said Hicks. "So, the first place to start is get thinking about what's important to you?"

Hicks says, once you write down what's important to you, you can meet with an attorney or use an online service to help make it a legal document to serve as your estate plan. 

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