Leaving a legacy

In the run up to Thanksgiving, the Certified Financial Planner Board of Standards in America has advised people to take some time to reflect on the legacy they will leave to their family and friends.

To ensure those reflections turn into reality, Consumer Advocate, Eleanor Blayney suggests all Americans take steps to create their own estate plan.

"Many people wrongly assume that estate planning is only for the wealthy, or those with significant assets they want to protect from probate fees or taxes," says Blayney.

"The reality, however, is that everyone needs a plan for the management and disposition of assets, the care of dependent children and relatives, and the management of health care and our physical comfort when either death or disability silences us." 

Blayney also advises seeking professional advice in creating their estate plan, as he or she will be able to advise on the tools, such as wills, trusts or powers of attorney that estate plans might need.