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Your obligations to your loved ones do not stop once you die. You may die while you are still providing for a minor child. You may die with a large amount of assets and debts. If you do not make certain decisions regarding who will take care of your small children, or how and by whom your financial affairs will be settled, the courts in your state will make these decisions for you. And they may rule very differently from how you would have chosen. Without proper estate planning, you give up your right to overrule the decisions that other people will make for you in these very important areas. In essence, your ability to plan and protect your loved ones dies when you do.

Remember, estate planning is not just for the wealthy. Plan ahead to avoid complications, save money, and protect the people you love. Estate planning is a critical part of your overall personal financial plan.