Steps In Estate Planning

You may have heard that you need to make an estate plan but what does an estate plan cover and how do to make one.

Steps in estate planning. This further ensures that your loved ones are protected when you are gone or can no longer protect them. You can also write a letter of instruction to leave step by step instructions as well as spell out your personal wishes for things like your. Here is a simple list of the most important estate planning issues to consider. The rest of this item focuses on providing estate planning assistance for the average person.

I review the first four installments at the end of this post. This is an important planning point for those with large taxable estates in order to avoid wasting gst exemption at the first death. 12 simple steps to an estate plan. 12 simple steps to an estate plan a checklist to help you take care of your family by making a will power of attorney living will funeral arrangements and more.

Once the decedent s legal documents and other important papers have been sorted through the next step in probating the estate is to meet with an estate attorney to officially open the probate estate with the probate court. At the federal level only very large estates are subject to estate taxes. Estate planning goes beyond drafting a will. But most people won t pay those taxes.

Estate planning is often a way to minimize estate and inheritance taxes. This is the fifth installment of my seven part series on major estate planning mistakes. Allow you to ensure that your personal and financial affairs are organized in the event of death or mental incapacity. That completes a summary of the current state of the estate and gift tax law.

Start by getting referrals to lawyers with expertise in estate planning from your accountant or financial planner or check the websites of the american college of trust and estate counsel and the.