E-Book Overview
Navigate probate, tax issues, and state laws
Create an estate plan and protect your family's interests
Need a will, but have no idea where to start? This friendly guide shows youhow to prepare a legal will or trust — either on your own or with professional help — and ensure that your wishes are honored. You'll handle everything from planning your bequests and writing and signing a will to selecting a trust and drafting your durable power of attorney.
Discover how to: -
Provide for your children
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Hire and work with professionals
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Minimize tax liabilities
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Amend or revoke a will or trust
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Avoid common estate planning mistakes
Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
E-Book Content
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Wills & Trusts Kit For Dummies Going with a Pro ........................................................................................................... 31 How lawyers and accountants can help ......................................................... 31 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 ....................................................................................... 35 Safeguarding Your Estate Plan ................................................................................... 36 The problem of the disappearing document ................................................. 36 Storing your will or trust .................................................................................. 38 Registration of wills and trusts........................................................................ 38
Chapter 3: Gathering Per tinent Information . . . . . . . . . . . . . . . . . . . . . .39 Asking Yourself Some Basic Questions ..................................................................... 39 Identifying Your Assets ............................................................................................... 40 Real estate .......................................................................................................... 42 Personal property ............................................................................................. 42 Titled personal property .................................................................................. 43 Savings ................................................................................................................ 44 Investments ........................................................................................................ 44 Insurance policies and annuities..................................................................... 44 Retirement savings............................................................................................ 45 Pensions ............................................................................................................. 45 Considering Community and Jointly Owned Property............................................ 45 Valuing Your Property................................................................................................. 47
Chapter 4: Planning Your Bequests . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 Calculating Your Assets ...........................................................................................