"The first thing I would say that Americans should do is get a will," says Peter Huminski, president of Thorium Wealth Management, in Kernersville, N.C. "According to recent surveys between 50% and 65% of Americans do not have a will and that number seems to be getting bigger, not smaller."
Even if you're not subject to estate taxes upon your death, a will provides the instructions for how your assets will be disposed of. "If you don't have a will, your assets will be left to the laws of disposition of your state of residence," Huminski adds. He advises Americans crafting an estate plan to get a will no matter what Congress does or does not do in the next year or two. "Congress won't do away with the estate tax," he says, but there should be changes to address for people planning their estates.