Estate planning, in plain English
by Admin
Posted on 07-06-2024 03:21 PM
J. D.
, cfp®, cfa® charterholder - senior financial advisor
june 20, 2023
recently, i gave a webinar on estate planning, which you can find here. Given the interest in that topic i thought i would translate some of that content into a short article. I
will
attempt to explain estate planning from a bird’s eye view. Estate planning is complex, riddled with esoteric vocabulary and counterintuitive rules that vary from state to state. It cannot be distilled into a few hundred words. Nevertheless, a summary overview can provide a useful introduction. Why am i writing this article and why should you read it?
everyone needs an estate plan.
Estate planning, in plain english get the need-to-know basics about wills, trusts, avoiding probate, and planning for incapacity with estate planning basics. This book lays out your options in plain english, guiding you to the right estate plan for you and your family. Learn how to: - make a will or living trust - name a guardian for your children - avoid probate - use durable powers of attorney, and - prepare a health care directive. The 12th edition is completely updated to reflect the latest information about estate planning. Product details.
About the book estate planning, in plain english. Get the need-to-know basics about wills, trusts, avoiding probate, and planning for incapacity with estate planning basics. This book lays out your options in plain english, guiding you to the right estate plan for you and your family. Learn how to: make a will or living trust, name a guardian for your children, avoid probate, choose an executor, use durable powers of attorney, and prepare a health care directive. This edition is completely updated to reflect the latest information about estate planning. Book synopsis.
Chapter 1 A First Look at Estate Planning
This was not the first estate planning book i bought, but it was the best. Without dumbing the issues down, the author carves out manageable modules to make each chapter as clear and understandable as possible. The book features anecdotal paragraph case studies based on real-life examples to flesh out the major points. In contrast to more encylopedic approaches, and as part of the nolo series, this book is for non-lawyers. It makes clear that estate planning is about how to avoid probate and how to arrange for the conveyance of your assets to your heirs.
That is, estate planning not about tax sheltering per se.
Transferring Your Property After You Die
A trust describes exactly how and when your assets will be distributed after your death. A trust can also be used to minimize taxes , avoid probate and name who will care for your minor children after your death. People often use a trust in combination with a will. The primary difference between a trust and a will is that a trust avoids the probate process of transferring property from you to your beneficiaries. The following are two of the most common types of trusts: caring for minor children - a trust can be established for children whose parents die before the children turn 18.
Our legal team at oak city estate planning takes great pride in the wide range of estate planning services that we offer to clients. We understand how important it is to protect your legacy and the future of your loved ones, so please reach out today so we can put our skills and resources to work for you. To request a free vision meeting with our legal professionals, call (919) 975-5359 today or contact us online. Our experienced estate planning attorneys are ready to help you and your family prepare for the future.
Every estate is unique — and everyone’s estate planning goals are different. At fremstad law, our estate planning attorneys take the time to listen to your concerns, understand your goals, and help you draft a comprehensive estate plan that will meet your needs. Located in fargo, our legal team is dedicated to working with clients in north dakota for a wide range of estate planning matters. We welcome you to contact us online or by calling (701) 478-7620 to learn how we can assist you. © 2024 fremstad law terms of use and disclaimer: thank you for visiting the fremstad law web site.
A good estate plan has at least three elements – a will, a power of attorney and an advance healthcare directive – and each serves a different purpose: will: the will is the cornerstone of your estate plan, and it directs your assets to be distributed as you see fit. Everyone needs a will, even if it’s a simple one. If you do nothing else in planning your estate, at least create a will, so that you don’t die intestate and leave the decision to the courts. “the biggest mistake you can make is dying intestate,” says landsberg. “it’s going to be expensive and time-consuming [for your heirs].