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Steps to Consider in Planning Your Estate
Posted in Estate Planning.
The following ten steps should be considered by everyone starting to plan their estate.
It is also a good review for those who have already planned their estate.
1
ListsMake a list of all assets and associated values so attorney can determine net value of estate. 2
Special NeedsEvery family has special needs. It is important that you plan for special needs in your estate plan. Special needs include planning for children on government benefits,children with drug and alcohol addictions,and children who are unable to manage money. Estate plans deal with all of these issues in different ways. Often the distributions are stretched out over a long period of time to make sure the estate is not wasted. Special needs should be addressed with love and understanding. 3
Naming Trustees and Personal RepresentativesPersonal representatives and trustees should be carefuuly selected. It is a job that deals with people skills and money management. You and your attorney should discuss in great detail. Sometimes a corporate trustee is best choice. 4
Tax IssuesDiscuss all federal and state tax issues with attorney so that you have full understanding of all possible costs involved with estate 5
Marital RightsIf you do not have a pre or post marital agreement-you might be in for a surprise. Your spouse has certain marital rights and could contest your will or trust and be awarded assets. Discuss fully what these rights are and take steps to do a post marital agreement if possible problem exists.
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