Estate Planning 101
Introduction
Estate planning is the systematic development and updating of goals, policies, and procedures for all of the property you own.
The Three Basic Types of Estate Plans
Given your unique circumstances, you will fall into one of three general categories - estate plan built around a revocable living trust, estate plan built around a simple will, or an estate plan built around Powers of Attorney.
Understanding the Difference Between Wills and Trusts
A last Will and testament is a legal document that outlines the wishes for the administration and division of an estate after passing.
A Trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
Revocable Living Trust
A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die.
Understanding the Certification of Trust
The certification of trust is a short one page document that outlines the key issues involved in your trust.
Understanding Pour-Over Wills
A pour-over will is only used when your estate plan is based around a living trust.
Understanding the Comprehensive Transfer Form
The comprehensive transfer form is used to transfer all assets that do not have a formal title.
Understanding the Community Property Agreement
Upon death, holding title to your assets as community property provides significant income tax advantages for the surviving spouse.
Role of the Trustee
The individual you name as trustee stands in a fiduciary role with respect to the beneficiaries of the trust, both the current beneficiaries and any remaindermen named to receive trust assets upon the death of those entitled to income or principal now.
Understanding Asset Schedules
The asset schedule is a great recap for your successor trustee of the assets to be included in your estate.
Creating a Personal Letter of Direction
A personal Letter of Direction is a letter you write to your beneficiaries, heirs and those charged with finalizing your affairs upon your death.
Last Will and Testament
Your last will and testament provides your instructions about how your possessions should be distributed.
Role of the Guardian
The role of the guardian will essentially be the role you have now as a parent - caring for your children, acting in their best interests, and providing for them physically, emotionally, psychologically, spiritually, and culturally.
Understanding Powers of Attorney
Irrespective of wealth or marital or family status, every individual 18 years of age or older should execute both a financial and healthcare power of attorney.
Role of the Agent in Your Health Care Power of Attorney
Your healthcare agent is the person you choose in advance to make healthcare decisions for you in the event that you become unable to do so for yourself.
Role of the Agent in Your Financial Power of Attorney
Your agent is the person you choose in advance to act on your behalf on financial and legal matters in the event you become unable to do so for yourself.
Document Packages
Either a Will Package or a Trust Package will be recommended to you, based upon your specific circumstances.
Frequently Asked Questions
Have a few questions? Chances are, someone else has too.
Glossary
Unsure of some of the terminology? Look them up in our glossary.
Icons designed by makyzz / Freepik
Introduction
Estate planning is the systematic development and updating of goals, policies, and procedures for all of the property you own.
The Three Basic Types of Estate Plans
Given your unique circumstances, you will fall into one of three general categories - estate plan built around a revocable living trust, estate plan built around a simple will, or an estate plan built around Powers of Attorney.
Understanding the Difference Between Wills and Trusts
A last Will and testament is a legal document that outlines the wishes for the administration and division of an estate after passing. A Trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
Revocable Living Trust
A living trust is a legal document that, just like a will, contains your instructions for what you want to happen to your assets when you die.
Understanding the Certification of Trust
The certification of trust is a short one page document that outlines the key issues involved in your trust.
Understanding Pour-Over Wills
A pour-over will is only used when your estate plan is based around a living trust.
Understanding the Comprehensive Transfer Form
The comprehensive transfer form is used to transfer all assets that do not have a formal title.
Understanding the Community Property Agreement
Upon death, holding title to your assets as community property provides significant income tax advantages for the surviving spouse.
Role of the Trustee
The individual you name as trustee stands in a fiduciary role with respect to the beneficiaries of the trust, both the current beneficiaries and any remaindermen named to receive trust assets upon the death of those entitled to income or principal now.
Understanding Asset Schedules
The asset schedule is a great recap for your successor trustee of the assets to be included in your estate.
Creating a Personal Letter of Direction
A personal Letter of Direction is a letter you write to your beneficiaries, heirs and those charged with finalizing your affairs upon your death.
Last Will and Testament
Your last will and testament provides your instructions about how your possessions should be distributed.
Role of the Guardian
The role of the guardian will essentially be the role you have now as a parent - caring for your children, acting in their best interests, and providing for them physically, emotionally, psychologically, spiritually, and culturally.
Understanding Powers of Attorney
Irrespective of wealth or marital or family status, every individual 18 years of age or older should execute both a financial and healthcare power of attorney.
Role of the Agent in Your Health Care Power of Attorney
Your healthcare agent is the person you choose in advance to make healthcare decisions for you in the event that you become unable to do so for yourself.
Role of the Agent in Your Financial Power of Attorney
Your agent is the person you choose in advance to act on your behalf on financial and legal matters in the event you become unable to do so for yourself.
Document Packages
Either a Will Package or a Trust Package will be recommended to you, based upon your specific circumstances.
Frequently Asked Questions
Have a few questions? Chances are, someone else has too.
Glossary
Unsure of some of the terminology? Look them up in our glossary.