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Estate Planning Basics By By Amy Nichols You have probably accomplished a great deal with your life. Over the years you have worked, planned and saved. Perhaps you have even made some sacrifices to achieve your current level of success. It’s a sure bet that you will want to pass along your accumulated assets rather than hand them over for court costs, taxes or attorney fees. Estate planning is the relatively simple process by which you prepare legal documents outlining your wishes for your estate upon your death. It can be difficult to plan for the end of your life, but this planning is necessary to protect your family and your assets. What is your estate? Your estate refers to your property, those things you own, including your total assets and liabilities. Your property includes your home, car, accounts (i.e. bank, retirement, and brokerage), jewelry, insurance policies and so forth. The language of estate planning It is understandable that the idea of planning for your family after die can be a little frightening. Familiarity with
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the terms used in will help you begin to develop some comfort with the process. Estate: Refers to your property or those things that you own. Property: Includes two categories, real (as in real estate/your home(s) and personal, which includes everything else such as stocks, bank accounts, car(s), jewelry, and so forth. Intestate: Is a pre, or non-planning state. Dying intestate means that you have died without creating a will or trust to outline your desires for distribution of your estate. Trust: Eliminates many of the financial risks in planning for the transfer of your estate from you to your heirs upon your death. Risks include taxes, probate, lawyers, creditors, judgments, etc. A trust can provide for the management of your estate if you become incapacitated as well reduce death taxes and assure a smooth transfer of your property according to your wishes. Trusts can be revocable or irrevocable. Talk with your tax or legal advisor about the benefits of each. Probate: The process by which your personal property is legally transferred to your heirs upon your death. The probate process also identifies rightful heirs and determines how your assets will be distributed among them. Probate can be quite expensive (up to 10% of the net worth of your estate) but the expense can be avoided with estate planning. Will: A written, legal document outlining your wishes for your real and personal property upon your death. You can also appoint a guardian for any minor children. Beneficiaries: These are the people you assign to benefit with distribution of your real and personal property upon your death. Your will can be an important tool of your estate plan. The goal of the estate plan is to allow you, rather than probate court and attorney, to maintain control of your assets. Planning allows you the opportunity to set forth clear directions and desires for your assets in the event of your death or physical or mental incapacitation. Estate planning is a necessary and painless process. You will afford yourself peace of mind and you will smooth the road for your heirs in terms of property transfer upon your death. Amy Nichols is a freelance writer and contributing author to http://www.howtowriteawill.com, a site providing free tips and information.
Here are some more estate planning articles...
Tax Issues For Self-employed Individuals
By Richard A. Chapo
The United States is a nation of entrepreneurs. There are literally tens of millions of self-employed individuals that enjoy pursuing their dream business. Of course, few of you enjoy the paperwork Read more...
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Get Up To $500 In Tax Credits For Energy-saving Home Improvements
By Robert Palmer
2006-10-15 By now you’ve felt the impact of rising energy costs. With soaring energy prices, you can’t help but wonder how much of that Read more...
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Private Debt Market To Grow
By property vertical
The relatively small Indian real estate capital market has grown remarkably, especially in terms of private equity and debt segments, despite significant inherent risks involved, says a Deutsche Read more...
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Looking For Another Income Tax Deduction? You Might Qualify For An Ira And Not Know It
By Robert D. Cavanaugh, CLU
2007-02-13 An additional income tax deduction may be available by contributing to an IRA. However, many people may not realize they Read more...
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
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specific planning to ensure your assets pass in an orderly and efficient manner to designated individuals. Estate planning includes writing wills, setting up trusts, establishing Powers of Attorney, and planning ahead to avoid unnecessary taxes. ...
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