Home > Estate Planning

 
Estate Planning

From estate planning basics to your toughest questions, our estate planning checklists and guides are here to help you.

Estate Planning Topics

Estate Planning Wills Estate Terminology Funeral Planning Funeral Pre-Planning Financing
Recent Estate Planning Articles
 

Estate Planning Glossary

July 14th, 2011

The terminology used in Estate Planning can be confusing if you are not familiar with the wording used.  Estate lawyers/attorneys are equipped to help through the process, but it is also a good idea to be well-informed before hand.

Glossary of Estate and Probate Terminology

A

Administration: The time when the personal representative collects the deceased assets, pays debt and distributes the estate as arranged in will.

Administrator: The personal representative (if there is a will). The person assigned by the court to distribute the deceased assets if there is no will. Also known as the executor/executrix.

Affidavit: Sworn/written statement constructed under oath with witnesses.

Annual Exclusion: The amount of gifts allowed annually to be given to family members free of federal taxes.

Asset Protection: The act of protecting your estate during your life and after death from any legal or tax problems.

Attorney In Fact: The person assigned as agent under power of  attorney.

B

Beneficiary: The person(s) who receives the benefit property/estate or trust.

Bequest: To leave a gift or property as noted in a will.

Continue reading “Estate Planning Glossary” »

Tags: ,
No Comments »

Estate Lawyers: What to Expect

June 13th, 2011

Estate lawyers, also known as probate lawyers or attorneys, are responsible for taking the personal representative/executor of a will through the estate planning process. Which means that they are trained to walk you through every step of your estate planning.

Estate Lawyers are equipped to offer legal and educational support helping you to organize and legalize your estate distribution.

Why hire and estate attorney?

If you have a complex estate or family situation that requires detailed planning, hiring an estate attorney to help you is a good idea. A good estate lawyer can build your estate plan, as well as minimize potential taxes and fees, and set up a contingency plan to make sure that your assets are distributed to the correct beneficiaries.

Examples of complex estates and complicated family situations

  • Own your own business
  • Your estate is worth more than 1 million dollars
  • Have a special needs child

Continue reading “Estate Lawyers: What to Expect” »

Tags: , , ,
No Comments »

10 Steps for Estate Planning

March 11th, 2011

Why is estate planning important?

When planning for our future, especially our family’s future, we often have specific instructions for how and where we want our possessions to be distributed on the occasion of our death. Each state has different regulations and rules about one’s assets after their death. If you do not prepare your own Estate Plan or Will, the government will decided how and to whom your possessions will be given. This is often a long, unfair and saddening process for family members who are already coping with the grief of losing a loved one. To avoid this you should begin by planning a distribution of your assets and belongings in a legal will.

Who needs estate planning or a legal will?

Whatever the circumstances and despite age, estate planning and a legal will is something we should all have prepared. However, knowing how to articulate our wishes or knowing what information is needed can be a difficult task.

Following this 10 Steps for Estate Planing Checklist can help collect and organize the information you need to plan your estate and prepare a will.

10 Steps For Estate Planning

  1. Family Information
  2. Financial Information
  3. Goal Setting
  4. Legal and Tax Analysis
  5. Plan Recommendations Continue reading “10 Steps for Estate Planning” »

Tags: ,
4 Comments »

Estate Planning Checklist

February 10th, 2011

While hiring the right attorney will increase your chances of leaving your loved ones an estate that is well planned and easy to manage, knowing what you want and having the necessary information ready to provide to your attorney is the first step towards peace of mind for you and less frustration for your family. Below is a checklist to help you prepare for an initial consult with an estate planning attorney.

___ Prepare a list of your assets and how they are titled (is there a designated TOD, POD, or joint owner?). Under state law, joint owners generally become the new owner upon your death, so you should only title property jointly with those whom you wish to inherit the property.

________________________________________________
________________________________________________
________________________________________________
________________________________________________
________________________________________________
________________________________________________
________________________________________________

__ You will need your life insurance policy information, including any named beneficiaries. State inheritance tax laws may allow named beneficiaries to collect life insurance proceeds tax free, so you will need to know if you have a beneficiary named, and who you have named.

Insurance Company ________________________________
Policy Number ________________________________
Beneficiaries ________________________________

Insurance Company ________________________________
Policy Number ________________________________
Beneficiaries ________________________________

Continue reading “Estate Planning Checklist” »

Tags:
2 Comments »