6 Estate Planning Must-Haves

     Many people believe that simply having a plan to draw up the will or estate trust. However, it is no longer included in the estate planning so that some of all the assets are transferred seamlessly to your heirs on your death. A successful estate plan also includes provisions to ensure that family members can access or manage the property should be disabled. Here is a list of articles of every estate plan should include:

Se / Confidence
Durable Power of Attorney
Beneficiary designations
The letter of intent
The power of fiscal health
Guardianship appointments

     It is the Summer Plan scale? Simple, pre-packaged kits will not be enough, in this article we will examine each section of this checklist to ensure you have not left anything to chance decisions.

1. Wills and Trusts

     A will or trust must be one of the main aspects of every estate plan, even if you do not have significant assets. Want to help ensure that the property is transferred in accordance with the wishes of the person (if prepared in accordance with the laws of the State). In addition, some trusts help reduce estate taxes or remedies. However, simply having the will and / or trust is not enough. The wording of the document is very important.

     Will or trust is written in a way that is consistent with the way you left a legacy assets that pass outside the will. For example, if you've already named your sister as beneficiary of a retirement account or insurance policy (assets that pass outside the will of the designated beneficiary), you do not want to bequeath the asset to his second cousin in the will .

     This could lead to a competition. Not to mention that two individuals could be bitter against each other (and you) to involve them in a legal battle. (For more insight, see why you should prepare a will.)

     2nd Durable Power of Attorney (s) It is important to develop a power of attorney (POA), so that an agent or a person who gives your behalf in the event of your incapacity.

     In the absence of power, a court may be free to decide what happens to your assets (if declared mentally incompetent). The court's decision can not be what I wanted.

     This document can give your agent power market in real estate, transactions on financial and other legal decisions literally as if it were you. This type of POA is revocable, the head of his choice at a time, usually when the primary is considered physically able to be considered mentally competent, or death.

     In many families, it makes sense for partners to establish mutual powers of attorney. However, in some cases it would make more sense to have a family member, friend or trusted advisor who is more financially sophisticated act as agent. (For more information, see the importance of succession and contingency planning.)

3rd Beneficiary Designation

First Testament and trust

     As an EDAC discussed earlier, a number that your property may be suitable for one of your heirs without some dict The Will (UN 401 (k) Plan some examples). It is therefore important that they KEEP Beneficiary of the UN (UN bénéficiaire a possible) on the UN phone account. A fait, all accounts and retirement insurance scheme must contain a Beneficiary Beneficiary UN UN all their cars often based on a suit outside the United Nations of will.

     If you do not name or the recipient is deceased or unable to serve, a court may be left to decide the fate of your money. And frankly, a judge who is ignorant of your situation, beliefs and intentions are unlikely to make the same decision you would have done.