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Some Advice On Estate Planning

Wills trusts estate planning, elder law estate planning, estate planning taxes

The problem with most Americans is that they do not have a will, forget an estate plan. But it is essential that you have a will and a good estate plan. There are some points that you should remember when you do your estate planning. They include:

1. Get a will ready : if you hand in your chips without a will, your estate will go up for probate. The probation process is a long one and by the time it comes to its logical conclusion, most of your beneficiaries will be exasperated and my not think of you kindly.

2. Collect and file important documents : Once you turn 21, you should prepare a will and appoint a sound power of attorney. A health care proxy is also a must. Someone to make decisions on your behalf if you are ill and not capable of doing it yourself.

3. Get your will notarized : Preparing a will is not sufficient. You should get it notarized and properly witnessed. The number of witness counts for the will to be valid. See that the will is not witnessed by any of the beneficiaries.

4. Make an inventory of your assets and your liabilities : A detailed list of your assets and your liabilities is a must. When you die, your liabilities will be settled first. The remainder will be distributed to your beneficiaries after deducting the cost of probation and other administrative costs. Be clear about assigning who gets what and in what proportion, if necessary.

5. Name an Executor : The executor will be the one who is going to administer your assets from the time of your demise till the probation is over and the balance assets distributed to the beneficiaries as per your intentions. This is the toughest part of the making of a will. You have to choose a person who will have the time and the ability to carry out the job entrusted to him.

6. Choose a Guardian for your children : There is no need to expand on this except that you choose a responsible person to do the task.

7. Start off your estate planning by using a good software : It is an easy start. Most of the software that cater to estate planning are user-friendly. All you have to do is answer the questions and your answers will give your estate planning attorney the necessary information to do the planning. It not only saves you time but a few hundred dollars in legal fees. Any legal documents created using the software should be checked by your attorney.

8. Review your plan : If you have made an estate plan, review it periodically and modify it based on the events that would have taken place since the last time you reviewed it. A change in your assets, the birth of each child, a divorce, a marriage or a remarriage, the receipt of a wind fall, your shifting residence from one State to another or the unfortunate death of your spouse; each and all of them warrant a change in your estate plans.

9. Have a set of document s signed : Only one set of documents needs to be and must be signed, witnessed and notarized.. You may get copies for your files.

10. Review your estate plan and your will every few years. Circumstances may require their rewriting.

11. Keep your insurance policies near at hand : Saves time in staking claim to your death benefits.

12. Decide on the kind of joint ownership : Your share doesn’t automatically go to the other owner in the case of a joint ownership. Ensure that your joint ownership documents are in the kind of ownership that you really intend it to be.

These are only some of the more important aspects of estate planning. Estate planning is not a hard task and can be accomplished quite easily and in a short time if you have your intentions clear and your documents. But, rest assured, it is absolutely necessary and will save a lot of resentment and heartburn after you pass away.

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