Page 1 - Estate Planning 101 - 201312
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Estate Planning 101
What is Estate Planning? estate because they do not want to
TABLE OF CONTENTS
appear greedy, or because they
Estate Planning is simply a name cannot imagine a time without their
for the process of transferring
DOING NOTHING parents. Parents may also avoid
Dying Without a Will or Trust property and assets from one talking to their adult children about
Probate generation to another. An “Estate” is estate planning because they do not
Minor Children the total property and assets owned want to hurt feelings, or they truly
Real Property by an individual prior to distribution are not aware of all the options that
through a Will or Trust.
are available to them. Although it
may be uncomfortable talking about
PREPARING A WILL Many people assume that
Last Will and Testament these things, it is worth spending
Probate “Estate Planning” is only for the rich, some time and money to avoid the
Executor/Personal Representative but this is a big misconception. confusion, delay, expense and
Devisees Estate Planning is for everyone; there quarreling that is almost sure to
Guardians for Minor Children are no minimum asset requirements. occur if someone dies without a plan.
Many people do not think that they
If a plan is not made, state law will
have enough assets to justify estate decide what happens to the estate,
PREPARING A TRUST planning, but if they have ANY
Revocable Living Trust property or assets, there are estate regardless of what the deceased may
Successor Trustee have intended.
Beneficiaries planning concerns. Planning is
Guardians for Minor Children especially important if there are When Should I Start?
Transfer Assets to Avoid Probate minor children.
Federal Estate Tax The best time to start estate
W h y S h o u l d I D o M y planning is NOW...before it is too
Estate Planning Now? late! With estate planning there is no
OTHER DOCUMENTS
Schedule A second chance. No one likes to think
Pour-Over Will Most people put off estate about their own mortality or the
Living Will planning because it involves more pos s ibilit y of be coming
Medical Power of Attorney than listing what assets are owned incapacitated. This is exactly why so
Durable Power of Attorney and who is to receive those assets many families are caught off guard
Irrevocable Trust when someone passes away. Estate and unprepared when incapacity or
planning involves attitudes and death strikes. If there are assets,
feelings about death, property
including bank accounts, brokerage
ownership, business arrangements, accounts, life insurance, retirement
marriage and family relationships. accounts, minor children, or equity in
Adult children will often put off
your home, now is the time to start
talking with their parents about their planning.
ESTATE PLANNING 101
