Get Ahead of Your Estate Planning
Part of CNN Money's "Money 101" Series

What you need to know about estate planning, including why you may need a will and assigning a power of attorney.

1. No matter your net worth, it's important to have a basic estate plan in place.

2. An estate plan has several elements.

3. Taking inventory of your assets is a good place to start.

4. Everybody needs a will.

5. Trusts aren't just for the wealthy.

6. Discussing your estate plans with your heirs may prevent disputes or confusion.

7. The federal estate tax exemption — the amount you may leave to heirs free of federal tax — changes regularly.

8.  You may leave an unlimited amount of money to your spouse tax-free, but this isn't always the best tactic.

9. There are two easy ways to give gifts tax-free and reduce your estate.

10. There are ways to give charitable gifts that keep on giving.

For all the details on these 10 tips, CLICK HERE.

Now that you've got the basics, here are some more articles CNN's Money 101 has published to help you with your estate planning:

Identifying Your Assets – Assessing your assets and goals is groundwork for a good estate plan.

Why Do I Need a Will? – If you don't have a will, a court decides who gets your assets.

Living Wills and Health-Care Proxies – Making your medical wishes known through living wills and health-care proxies now can save a lot of heartache later.

Writing a Will: Why Should I Assign Power of Attorney? – When you can't control your financial life, make sure someone you trust will by assigning power of attorney when writing your will.

Estate Planning: Is a Trust Beneficial? – These tools aren't just for Rockeffellers.  Use these tips to determine whether or not setting up a trust is best for you.

Estate Planning: Best Ways to Give Money Now – Giving gifts to family and charity while you're alive can be a boon to them – and your estate.