A will documents your wishes regarding how your financial, physical, and digital assets are distributed. If you die without a will, you risk having these wishes decided by others.
This document is a type of advanced directive. A living will explicitly states your treatment wishes for end-of-life medical care. Requirements vary by state.
This authorizes someone to act on your behalf. "Durable" powers of attorney include medical care and financial matters should you become mentally incapacitated.
Gifting and trust planning, including Credit Shelter Trusts and the Unlimited Marital Deduction can minimize estate taxation and further protect your loved ones and legacy.
If you have minor children, you will want to ensure they are well cared for after your death. This goes beyond financial security; you will want their guardian to adhere to your parenting philosophy and to pass on your values and beliefs. These intangibles are also part of your legacy.
Your estate plan can specify the inheritance process, namely how much your heirs should receive, when, and how.
Determining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.
How well do you know the fundamentals of estate planning and management? Perhaps it's time to take this short and engaging quiz to find out.
A living trust is a popular consideration in many estate strategy conversations, but its appropriateness will depend upon your individual needs and objectives.