Ask Karen Gibbs

Veteran business correspondent Karen Gibbs answers your personal money questions and addresses current topics that affect YOUR finances on a daily basis. Karen is the financial expert in your corner--no question is too basic or too small. Karen boils down the issues simply: here's what you need to know, and here's what you need to do. Send your money questions to AskKaren@mpt.org and post your comments below.

27

June

Sharing your Legacy

Karen Gibbs

Karen, I don’t have mad bank like Prince, but I still want to leave something to my family. What steps should I take to share my legacy?

- Alonzo, Perry Hall

My Last Will text and hand
Alonzo, you don’t have to have a lot of money to leave a legacy.  If you have possessions and relatives, a plan will go a long way in giving you peace of mind while avoiding conflict among family members.


Estate planning is not only in case of death.  What will happen to your belongings if you become disabled or incapacitated?  Having a plan in place before the emergency strikes takes the pressure off of having to make decisions under stress and insulates you against those who might want to exploit your loss.


There are four documents that you should include in your estate plans.  First and foremost is your will.  How do you want your assets to be distributed?  Do you have a business?  Do you want to keep it in the family?  Do you have children from several marriages or a blended ...

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