Estate planning can come with a lot of benefits for your family even after you’re gone. Also, good planning for the future is always going to be a positive step for you and everyone who is close to you. Here, in this blog, we aren’t just going to talk about the estate planning but we will guide you with the estate planning checklist.

Estate Planning Checklist

Will

A will is quite helpful if you want to express your final wishes in order to settle your estate, savings, and everything which belongs to you. In the will you can also appoint a legal guardian or a person responsible for taking care of your minor children if you are no longer around. You must sign your will in front of two witnesses and it should be 100% your own conscious decision.

Revocable Trust

Can hold all your assets for the benefit of whom you wish. Unlike a will you will be transferring or retitling your assets into the name of the trust during your live time. This document will allow your loved ones to avoid probate and provides a level of asset protection for you and your beneficiaries.

Advance Care Directive

This is just another name for the “Living Will”. It can be used to specify the medical treatment course when you aren’t able to articulate choices for yourself. You must know that state laws vary on the facility of advance care directives.

Health Care Proxy

It is another health-related facility in which you designate someone else to make choices about your medical care in case of an emergency or when you aren’t able to take the decision. You must know that state laws vary on the facility of Health Care Proxy too.

Statements of Intent

It allows you to express your wishes, philosophies, preferences, expectations, desires, and important advice to your trustees or dependents. This will help you and your family members in crafting a vision with your estate according to you.

Important Estate Roles

Before planning or during the planning of estate you must take some effective decisions and they aren’t going to be the easy task. You have to pick an executor, a trustee and a guardian if you have minor children.

An Executor

He/she is someone who is responsible for carrying out all the provisions of your will accordingly as you granted. The executor should be someone you trust like a child , close relative, friend or professional like a lawyer or accountant.

A Trustee

Someone who manages the trust you created and enforces the rules of your trust strictly without breaking anything. It is totally your choice and you should consider carefully who you going to make your trustee. You can pick a known person who knows your circumstances well or you can pick a professional institution to handle all that.

A Guardian

You must know that a guardian is a very important person who assumes your legal responsibilities for your minor or disabled children.

You must know that you’ve spent a lifetime building your estate so you should be careful with it. Every single step which you are going to take should be taken under the consultation of a experienced lawyer. We highly recommend estate planning for all regardless of your wealth or age. It is never to early to start planning as a good estate plan created by a good attorney will provide flexibility and grow along side you. Don’t wait call us today to schedule your free consultation.

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What Is Estate Planning?

Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a mess in the later times.

Why Is Estate Planning Necessary?

Here are some of the common and important reasons as to why any married couple should opt for estate planning.

• It helps you give control of all of your assets after your death.
• It ensures the financial stability of your family even when you are not around.
• You can have your own medical guardian just in case you are not in a position to make fair decisions.
• It makes the transition of property and assets to the beneficiaries and spouse pretty easy.
• Through estate planning, you can choose the person to administer your assets. This might not happen if the decision lies in the hands of the court.
• The burden of funeral planning can also be reduced through estate planning.

Estate Planning for Married Couples

There are so many reasons why estate planning must be considered by married couples. These are some of the important reasons and tips for married couples regarding estate planning.

Tax Deduction

It is one of the most popular reasons why married couples opt for estate planning. If you end up giving all of your estate to your spouse, you can actually lessen tax burden. This is called the marital deduction. The estate would naturally take a marital deduction for the amount of property your spouse inherits. But the thing is there is no limit to the marital deduction. If you want your spouse to take care of all your assets after you are no more than this is one of the best ways to do it.

Child Guardianship

If you and your spouse have minor children then it is necessary to mention the guardian of your children in the will. This is necessary as it will ensure the custody of the child after your death. In the case of death of both the parents then the child is given to a third guardian. Mostly the guardianship is given to the better half or to a very close family member.

Remember if you have no children or if you have children who are not minor then legal guardianship is not required in estate planning.

This same rule applies in the case of pets as well. You can appoint any guardian to your pet in case if something happens to you. You can legally give the authority to the appointed guardian through estate planning.

This shows that the field of estate planning is really very dynamic and you can use it to legally distribute all your belongings to the specific people of your choosing.

Marital Property Distribution

Marital property pertains to the property that you have acquired together as a married couple. It can be a joined account or a property or a car. Now normally if one of the partners dies, the property goes to the other obviously. But you need to discuss with your spouse who to give it to, in case you both meet with an accidental death. You can give the authority of your marital property to your children or a close relative who you trust the most. It is necessary to always pass on your assets to people who would take good care of it.

Health Care Planning

This is a must for people who are thinking of estate planning. Through health care planning you can give authority to your spouse to make medical decisions for yourself just in case you can’t do it yourself.

Conclusion!

It is highly essential for all the married couples to have proper estate planning and we hope that this article will help you in this respect. Call us and speak with an experienced estate planning lawyer to discuss your individual situation and see what type of estate plan can best help you!

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