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| Do It Now!TRACK 1: The Value Of Your Estate Is Under The Applicable Exclusion AmountTalk to your significant other about your wishes for your assets and family upon your death. Commit to this process as a joint effort.
Estimate the value of your estate. Each person should do this separately. You should have already done this to get on this track.
Identify a guardian for minor children and name alternates.
Identify executors (with alternates) for your estate.
Make a list of people that will depend on you after your death and determine how much they will need to live on. Make sure your plan adequately provides for them.
Decide how to give away your assets - under the scenarios that you and your spouse (a) die together and (b) survive each other. Name alternate beneficiaries in case the people you select die before you. Prepare the Estate Wishes Worksheets in the section Important Steps/Who Gets What. Determine which assets are held in joint names, have beneficiaries or are community property. Does this cancel out any of your wishes as expressed above?
Determine which assets are held in joint names, have beneficiaries, or are community property, as the form of property ownership can override the will.
Decide if you want to make gifts to people while you are still alive. Can you afford to part with these assets?
Figure out which assets will be tied up in a probate hearing. Does your family have enough to live off of while the courts review your estate?
Provide special attention to children from a prior marriage. Leaving everything to your current partner may not be the best idea.
Review the people you designated to inherit money and property when you die. Would any of these people have trouble managing their inheritances? Consider trust alternatives if there is a concern here.
Find an attorney to help draft a will, trusts and other important legal documents. Both you and your significant other should have a separate will.
Make certain that, if appropriate, assets going to children are protected in trust.
There are special considerations if your spouse is not a citizen of the United States. You’ll need to find an attorney that is knowledgeable in this area of estate planning.
Article Content by Truebridge, Inc. All rights reserved. Copyright 2001-2010 |
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