Estate planning and a review of insurance coverages (life & casualty) is a good "new year" project. For those with wills and insurance, it's a good time to review the documents and see if any adjustments need to be made. For those without, start planning.

Don't think that just because you're single means a will is a waste of time for you. Will provide surviors with instructions on how to handle things after you're gone, including funeral arrangements (want a big bash featuring Dave Mathews or a quiet scattering of ashes?) . . . Give estate to friends or family, or do you want it to go to charity, like the "MTI Mercedes Fund"? That alone will prevent disputes among your "loved ones" after you're gone. Specific gifts are only available through wills . . like who gets the Mercedes . . the Penthouse Forum collection . . . that jar of pennies you've been saving . . . the Jimmy Buffet T-Shirt . . . etc.

But more seriously, it allows you to choose who will be in charge of the estate by your selection of an administrator or executor. You might not want a stranger or even your kid brother handling the management of your stuff while it's being distributed.

For people with children, the need is obvious.