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Creating an estate plan is a lot like getting into better shape. Step 1: Sign a will. Step 2: Name beneficiaries. Step 3: Dodge estate taxes. Step 4: Leave a letter. Step 5: Draw up a durable power of attorney. Step 6: Create an advance health care directive.
People at every age should put together an estate plan that fits their needs from something very simple for a 30 year old to a fully funded trust plan for a 60 year old. Here are the typical estate planning documents and issues to consider by age.
Estate planning is the preparation of tasks that serve to manage an individual's asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law.
Anyone who wants their assets to be transferred to one or more surviving loved ones after they pass away should consider establishing a formal estate plan. This important set of legal documents can make it easier for your family to ensure that your wishes and needs are met if you're unable to speak for yourself.
A will may be a relatively simple document that sets forth your wishes regarding the distribution of property; it may also include instructions regarding the care of minor children. An estate plan goes much further than a will.
There are four main elements of an estate plan; these include a will, a living will and healthcare power of attorney, a financial power of attorney, and a trust.
An estate plan can minimize taxes and expenses and help your loved ones avoid legal hassles. Plus, an estate plan may be designed to prevent your assets from becoming public, which can protect your family's privacy.
There are four main elements of an estate plan; these include a will, a living will and healthcare power of attorney, a financial power of attorney, and a trust.
Creating an estate plan is a lot like getting into better shape. Step 1: Sign a will. Step 2: Name beneficiaries. Step 3: Dodge estate taxes. Step 4: Leave a letter. Step 5: Draw up a durable power of attorney. Step 6: Create an advance health care directive.