However, creating a last will and testament without consulting with a lawyer might result in one that is not effective, especially if state laws regarding wills are particularly strict. Most people can make a legitimate will without professional legal assistance. That’s because your will addresses any other property that has been left out of your other plans.Ĭompared to most legal documents, wills are reasonably simple. You should create a will even if you use other estate planning tools such as a trust or pay-on-death accounts. And you can specify exactly who inherits your assets.Ī will also allows you to determine who will serve as guardian of your children if you are unable to raise them until they become adults.Ī will can do other things too, such as create a trust to provide for a minor or a loved one who cannot manage an inheritance on their own. In your will, you can name an executor who oversees the administration of your estate and takes care of your property until probate–the legal process of determining the validity of a will and determining all the assets of the estate and their value–is complete and your assets are transferred to new owners. It does not store any personal data.It is very important that you create a last will and testament so that you can make sure you control what happens to your money and property after you are gone. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. A personal letter, or letter of last instruction, that provides additional details and spells out how your personal possessions should be disbursed.įor additional information, check out, where you will find a host of articles on estate planning and other legal issues.Īrticles: Courtside Seat (III) and Don’t Leave a Mess.Financial and medical powers of attorney in case you become incapacitated.You should also give some thought to the embedded income tax bills in your traditional retirement accounts, which could be the biggest tax headache your heirs face. Steps to reduce federal and state estate taxes, if either could be an issue.Trusts to control how your assets are disbursed, which could be crucial if, say, you are remarried but you want your assets eventually to go to your children from an earlier marriage.A revocable living trust if probate is a cumbersome process in your state or you own property outside the state where you have your primary residence.Regular gifting to take advantage of the annual gift-tax exclusion.Correct titling on major assets, such as your home and cars.The right beneficiaries listed on your life insurance and retirement accounts.Drawing up a will becomes especially crucial once you have children, not least because you’ll want to name guardians for your kids. A will that specifies who should inherit those assets subject to probate.Here are some key components of a well-thought-out estate plan: Those already retired or approaching retirement should probably consider every item on the list. IF YOU’RE UNDER AGE 50, you might focus on the first three items on the estate planning checklist below.
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