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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...
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.
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 …