You can actually do an estate plan yourself. It can be as simple as putting in writing where and to whom you want your money and things to go upon your death. You can be broad or specific. When you are young and have not started a family, you might want everything you have to go to your sister and brother. As you ponder that scenario a bit, you might realize that your brother, who is younger, might need cash more than objects whereas your sister's career is taking off but she'd love to have the family piano you were given by your grandmother. A personal benefit tucked deep within the process of establishing an estate plan is that it forces you to examine your own values. These are some of the questions you might reflect upon as you shape your plan:

• Whose welfare are you responsible for?

• What do you have that is worth passing on?

• Who do you want to be remembered with at least a memento from you?

• Who do you want to be making financial decisions for you, if you cannot?

• Who do you want to be making health care decisions for you, if you cannot?

• Are there any charities you'd want to receive something from your estate?

Perhaps you have an overarching value that you want to be a factor in all your decisions, such as living an environmentally friendly lifestyle. Or maybe you are a big pet lover, opera fan, or outdoor enthusiast. The things that are important to you in life can be carried through your estate planning. For example, if you love hiking and skiing you could include a bequest to the Sierra Club. A culture vulture can remember the local art museum or opera house with a gift large or small relative to his assets. Clearly, obligations to family members need to be top priority, but there is nothing to say you cannot widen the reach of your bequests to include other people or institutions that share your values.

As difficult as it is to ponder your own death, the downside to not preparing your estate plan can be motivation enough to get going. Some compelling reasons for getting on with the process include:

• Your assets get distributed to whom and how you wish.

• You can dictate when your loved ones actually receive their inheritance.

• You choose the executor who will manage your estate on your behalf.

• Any guardians for your children are designated by you.

• The family business can be transferred or sold in an orderly fashion.

• Estate taxes and administrative expenses may be reduced.

If you die without a formal plan:

• Your estate is handled by the state with formulas for distributing assets.

• Your family members may inherit in proportions you would not choose.

• Children may inherit large sums of money that they are not mature enough to handle.

• The courts will appoint an administrator to handle your estate who may not know your intentions.

• Your children may get a court-appointed guardian instead of someone you know and trust.

• Administrative fees and estate taxes may be unnecessarily high.

• A forced sale of the family business may wreak havoc on your survivors.

So while you are searching your soul for what is important to you and how you want your wishes to be carried out, keep in mind the practical consequences of forgoing the exercise.