BOSTON (CBS) – We all do some really dumb things when it comes to our money. And sometimes it is not what we do; it is what we don’t do. Often we are not even aware of the consequences of our lack of action.

A recent survey found that 50% of Americans with children do not have a will and almost three-quarters of adults under the age of 34 do not have one.

Even more alarming, over 40% of baby boomers don’t have a will. The three reasons cited by survey respondents for not having a will: Procrastination, believing that they don’t need one, and the cost.

Estate planning is not expensive. If you have assets you have accumulated such as your home, savings or retirement accounts and you have kids, you now have people and things you need to protect.

Estate planning allows you to plan for the day when you are not around to care for the loved ones in your life or to plan on how your assets are to be distributed upon your death. Sounds easy but no one wants to talk about their own mortality.

If you do not have a will, the state where you are living at the time of your death has laws that will dictate who gets your estate and how it will be divided. And often times it is not the way the deceased would have planned it themselves.

If you are single and have a significant other and want to have them receive your assets you need to plan! If you are single and die without a will in Massachusetts your assets will go to your parents, siblings or cousins. Not your partner.

Wills should be updated whenever there is a life-changing event such as a marriage, a divorce, a death, a birth, or when the tax laws change.

I am not a big fan of the do-it-yourself will. A simple will should not be expensive.

One more thing: There are two documents you need while you are living. The first is a Durable Power of Attorney appointing someone who can act on your behalf legally and financially if you are away or are incapacitated.

Second is a Health Care Proxy, which names someone who can make medical decisions for you if you are not capable. This individual should know how you feel about such things as life support and tube feeding. They may need to be your advocate.

Everyone wants to go to Heaven, but no one wants to die to get there.
Money Conference Alert!!

On October 11th I will be the key note speaker at The Money Conference which is a FREE one-day event presented by The Office of Massachusetts State Treasury. It will be held at UMASS Boston and the first 500 registrants will get a free copy of my newest book, Money, Your Personal Finance Guide.

There will be afternoon classes on everything from budgeting to buying a house. The Financial Planning Association of Boston will have volunteer financial planners there to help answer questions. You can set up a meeting with a Money Mentor when you register. If you have questions about the conference, contact Sheila O’Loughlin of the State Treasury at (617) 367-6900 ext 615.

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