No one, not one of us, enjoys talking about estate planning. Come to think of if, I have yet to attend a party where everyone brightly chattered on about their wonderful legacy plan. Of course, I don't go to many parties.

We may be reluctant to admit it even to ourselves, but truthfully, when we learn of the departure of one of our peers, the first thought generated is one of sadness and dismay for the dear friend and his/her survivors. The second reaction is one of pure survival, the only thought being, I am grateful that it was not me!

Those that think that this statement is unduly cynical may be the last of the truly good people on this earth, thinking only of others and not of themselves. I've got news even for them. Every stage in life requires thought and caring for others, but also caring for yourselves. Sometimes the choices are dreadful, but in the last analysis, you must put yourself first. How can you possibly help anyone else if your own life is chaotically underfunded because you have denied yourself everything for the sake of children, parents, and friends?

There are many truisms floating around regarding the management of one's finances and I cite a few of them here:

Your level of financial literacy is directly correlated to your level of financial success. Refuse to learn about your finances, and you will drive yourself into a mediocre quality of life, or worse.

Those that chase the pack to achieve better investment performance are doomed to always chase the pack, frantically trying to catch up. This goes for social popularity contests, too. If you haven't figured out who you are and what you stand for by the time you are in your golden years, you will never know the joy of being at peace, only the constant anxiety of uncertainty.

Money does not make you happy; not having it can make you very, very miserable.

You have reached the pinnacle of success as soon as you become uninterested in money, compliments, or publicity.

After working for a lifetime of achievement, organising your affairs to derive the greatest satisfaction out of providing for your contemporaries, loved ones and the next new generation, is a major chore. As a Certified Financial Planner? practitioner, I still am not sure if beneficiaries ever really understand the efforts that their forebears expended to assure that everyone received parity, that everyone was cared for in their estate settlement. Those were the forebears that did plan. There are many who do not; out of fear of mortality, or offending various relatives and other vague excuses.

Plan you must, for your immortality just as you have for every day of mortality here on this precious earth. Promote your legacy. Even if your life is very simple, do it now.

Here is a checklist of to dos:

Tell your family where everything is, like that old paid up insurance policy mildewing in your basement file cabinet.

Make a list of all of your accounts, your pensions (don't forget rights in other countries), your credit cards, your property deed(s), insurance policies, trust documents, investments and everything else of value. Put your professional contacts on this list as well, your portfolio manager, your lawyer(s), your doctor, and so on. Don't leave this mess for others to clean up. The world is full of banks with deposits, unclaimed forever.

Keep your vital documents in your safe deposit box, not somewhere else, leaving your widow to try to figure out why it is empty.

Make sure your assets are titled correctly. If you have been meaning to convey a joint interest in your property, seek professional help to understand the best and most economical ways to give property to others.

Apply for the Personal Residence Homestead Exemption. What better gift for your family than a stamp tax savings in excess of $95,000 (computed on $1 million FMV)?

Do you have the right beneficiaries on the right contracts? If your spouse is not well, or earns far less than you earn, he/she is going to need every penny if you depart suddenly. Nothing is more heartbreaking than to learn that the insurance or pension proceeds will be paid to the prior spouse, mother or friend, not your current family. What were you thinking?

Tell your family what you want for your last ceremony, then leave the instructions clearly organised. Nothing is more tragic than listening to a total stranger eulogise a dear friend.

Spare your family from having to terminate life support. Include a medical health directive and durable power of attorney with your will. They will respect your right to control your quality of life.

Execute your last will and testament. You may not have many assets, but express your last wishes. Let your family know that you loved them and cared about them. In a worst-case scenario, write it out by hand. However, you do it, make sure you sign it. Then place it where it can be accessed at your demise.

For more complex estates, be a good consumer and enlist professional help. If you and your family have multi-national, multi-jurisdictional estate planning issues, possible tax implications and reporting obligations, you will want to closely examine all options before putting a strategy in place.

Educate yourself, your spouse and your family about your finances by impressing upon them that appropriate planning before life events happen, makes all the difference.

Finally, say a thank you in person to those generous souls who have left you a legacy, no matter how small. For those who have gone before, thank your lucky stars they cared. Now demonstrate the same caring for your beneficiaries.

Next week, the Financial Literacy quiz and the rules. Are you ready to win a copy of Standard & Poors Guide to Money and Investing, plus have your name in the paper? (only with your permission of course)!