BOSTON (CBS) – Step 5 is the CYA part of your financial plan. Cover Your Assets!

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You’ve worked very hard to achieve your goals and accumulate assets. Now you need to protect them. A well diversified portfolio with an asset allocation mix to meet your goals is your best defense in the stock market.

And as part of your financial plan you will need to be sure you are adequately insured and have an estate plan as well so you can protect those you love as well as your assets.

Insurance allows you to protect your home, car, health, life and ability to work. It provides protection against a major loss that you couldn’t cover with your emergency fund. So you pay a premium, the price of the insurance, to protect yourself and those you love.

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The insurance company pools all of the policyholders’ money and takes out expenses and salaries but must leave a reserve in its kitty so when something does happen there is money to cover the claims. Review all of your insurance policies to be sure you are adequately insured.

Estate Planning: this is the very last piece of the financial puzzle. And the one most people never get around to doing. Estate planning allows you to control from the grave.

A will tells the world how you would like your assets distributed upon your death. If you don’t have a will the laws of the state where you reside dictate how your assets are distributed.

In Massachusetts, if you are single it will go to your parents, but what if you have a partner you want to protect? If you are married with children, half goes to your spouse and half goes to the children even if they are tiny. Make the effort to finish your financial plan by getting your estate planning done.

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At the minimum you need to have a will, a Durable Power of Attorney and a Health Care Proxy.