Wills & Trusts Kit For Dummies

Enjoy peace of mind knowing that your assets will pass to your family according to your wishes

Regardless of your age or income, writing a legal will is one of the greatest gifts you can give your family. But where do you begin? Wills & Trusts Kit For Dummies walks you through the most important considerations to have in mind when you're deciding what will happen to your estate when you're gone.

Writing a will or setting up a trust isn't as fun as binge watching the latest hot web series, but this book makes the task a little less daunting. Find out who needs a will or trust (spoiler alert: everyone!), when you should create one, and how to take the first steps. Handy online content includes practical worksheets, forms, and templates that simplify and explain the process of estate planning in language that doesn't require a legal education to understand. With the help of Wills & Trusts Kit For Dummies, you'll have a document that details your final wishes before you know it.

• Navigate probate, tax, and state laws that govern how property is passed to the next generation

• Avoid the most common estate planning pitfalls and mistakes

• Choose qualified professionals and specialists to help you make the best decisions for your family

• Designate a guardian for your children and plan for their financial needs

  You deserve to know that your loved ones will be properly taken care of when you're no longer with them. Wills &Trusts Kit For Dummies delivers straightforward guidance and peace of mind on a subject that, sooner or later, we all must face.

  Please reference the Introduction to access a webpage where you will find a number of downloadable files and forms to create a will, living trust, living will, durable power of attorney, and healthcare proxy.

  Autorentext

Aaron Larson is an attorney practicing law in Ann Arbor, Michigan. He formerly worked for the Institute of Continuing Legal Education, where he developed professional education programs for lawyers in areas including estate planning. He operates the ExpertLaw website.

Klappentext
Secure and enrich your family's future Writing a legal will is one of the most straightforward and greatest gifts you can provide for your family. But where to begin? With Wills & Trusts Kit For Dummies, you'll learn that anyone can get started creating their own wills or trusts, no matter whether they have access to custom legal advice! With tons of useful resources, like checklists, templates, and forms, and access to brand-new online content, you'll discover that the estate planning process is within your reach. **Inside...

• Navigate probate, state, and tax laws
• Understand how property is inherited
• Avoid common estate planning mistakes
• Identify the best estate lawyers
• Create your own trusts
• Draft an ironclad will
• Simplify your family's life

• Get extraordinary peace of mind**

  Zusammenfassung
  Enjoy peace of mind knowing that your assets will pass to your family according to your wishes

  Regardless of your age or income, writing a legal will is one of the greatest gifts you can give your family. But where do you begin? Wills & Trusts Kit For Dummies walks you through the most important considerations to have in mind when you're deciding what will happen to your estate when you're gone.

  Writing a will or setting up a trust isn't as fun as binge watching the latest hot web series, but this book makes the task a little less daunting. Find out who needs a will or trust (spoiler alert: everyone!), when you should create one, and how to take the first steps. Handy online content includes practical worksheets, forms, and templates that simplify and explain the process of estate planning in language that doesn't require a legal education to understand. With the help of Wills & Trusts Kit For Dummies, you'll have a document that details your final wishes before you know it.

• Navigate probate, tax, and state laws that govern how property is passed to the next generation
• Avoid the most common estate planning pitfalls and mistakes
• Choose qualified professionals and specialists to help you make the best decisions for your family

• Designate a guardian for your children and plan for their financial needs
  You deserve to know that your loved ones will be properly taken care of when you're no longer with them. Wills & Trusts Kit For Dummies delivers straightforward guidance and peace of mind on a subject that, sooner or later, we all must face.

  Inhalt

Introduction 1

About This Book 1

A Special Note for Residents of Louisiana 2

Conventions Used in This Book 2

Foolish Assumptions 2

Icons Used In This Book 3

Beyond the Book 3

Where to Go from Here 4

Part 1: Getting Started With Your Will or Trust 5

Chapter 1: Ensuring That Your Last Wishes Are Honored 7

The Good, the Bad, and the Ugly: What Can Happen When You Don't Plan Your Estate 8

Reaping the Benefits of Planning Your Estate 9

Planning for your care while you're alive 9

Ensuring that your assets go where you want 10

Making things easier for your family 11

Looking Out for Common Pitfalls 12

Benefits and dangers of jointly titling real estate, property, and bank accounts 12

Benefits and dangers of having your assets pay or transfer on death 13

Benefits and dangers of life estates 14

Danger of subjecting an asset to Medicaid spend-down rules 15

Potential for increased tax exposure 17

Realizing What Happens If You Don't Have an Estate Plan 17

Following the laws of intestate succession 18

Determining the custodian of your minor children 18

Creating Your Will or Trust 19

Deciding who should create it 20

Understanding the process 20

Thinking about your kids, money, life insurance, and more 22

Telling Your Family about Your Estate Plan 23

Chapter 2: Making Crucial Decisions 25

Going It Alone 25

Are you comfortable doing it yourself? 26

How complicated is your estate? 26

Choosing a Will or Trust for Your Estate 29

What a will can do for you 29

What a trust can do for you 30

You may benefit from having both 31

Going with a Pro 31

How lawyers and accountants can help 32

Do you save money in the long haul? 32

Working with a Professional 34

Hiring a lawyer 34

Meeting with your lawyer 35

Reviewing and executing the documents 35

Taking the final steps 36

Safeguarding Your Estate Plan 37

The problem of the disappearing document 37

Storing your will or trust 39

Registration of wills and trusts 39

Chapter 3: Gathering Pertinent Information 41

Asking Yourself Some Basic Questions 41

Identifying Your Assets 42

Real estate 44

Personal property 45

Titled personal property 46

Savings 46

Investments 46

Insurance policies and annuities 47

Retirement savings 47

Pensions 48

Considering Community and Jointly Owned Property 48

Valuing Your Property 50

Chapter 4: Planning Your Bequests 53

Calculating Your Assets 53

Determining Your Intended Heirs and Beneficiaries 54

Individuals 55

Institutions or charities 57

Other bequests 57

Thinking about Your Family Circumstances 57

Talking to your family 58

Jealousy and rivalry 59

Pressure from your family 59

Property That Pays or Transfers on Death 60

Estate Planning for Second Families 61

Giving your new spouse a life estate 62

Using trusts to hold your assets 63

More tools to consider 64

Estate Planning for Your Business 65

Inheritance of your sole proprietorship 67

Inheritance of your share of a business 68

Appointing the People Who Will Carry Out Your Estate Plans 68

Choosing your personal representative or trustee 69

Choosing a successor 71

Discussing your estate plan with your helpers 71

Finding Professionals to Assist You 72

Getting help from a lawyer 72

Hiring an accountant 73…