Tag Archives: Living Trust

Choosing the Right Executor to Administer Your Estate

27 Monday Nov 2017

Posted by in Probate

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choosing the right executorChoosing the right executor to handle your estate is a prerequisite to selecting a solid strategy for your estate plan. In the article Use Common Sense to Select a Good Strategy for Your Estate Plan, naming an executor is part of the preparation for selecting a solid strategy. Therefore, when choosing your executor, ensure the person has the right traits to administer your estate plan.

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Why List Beneficiaries in Your Will?

06 Monday Nov 2017

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list beneficiaries in your willAlthough avoiding probate is preferable in common estates, there is still a need to list beneficiaries in your will. As mentioned in the article Tips to Avoid Probate in your Estate Plan, not all states allow designated beneficiaries for certain types of property; therefore, certain types of property must pass through a will to a listed beneficiary. Furthermore, there is the need to plan for your residuary estate regardless of your estate planning strategy. Nevertheless, whether your will serves as a backup will to a living trust or serves as the centerpiece in your estate plan, there are significant reasons to list beneficiaries in your will.

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A Coherent Estate Plan Consists of More Than Just a Will

30 Monday Oct 2017

Posted by in Planning Tips

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coherent estate planMany people with common estates believe that a coherent estate plan consists of just a will. This perception about estate planning emanates from the idea that estate planning is only about transferring property after death. Unfortunately, if you believe in this misguided perception about estate planning, you will never complete a coherent estate plan.

Before planning your estate, you must understand that estate planning involves taking care of yourself first, then your property. Sadly, at some point in your life, you may become too ill to handle your own affairs. Therefore, you must provide instructions to manage this possibility in your estate plan; otherwise, the state court will intervene. So, to avoid state court interference, a coherent estate plan must consist of more than just a will.

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The First Step to Estate Planning: Estimate Your Net Worth

03 Monday Oct 2016

Posted by in Planning Tips

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estimate your net worthTo create a coherent estate plan, you must first estimate your net worth. How much work you should put into the estimate will depend on the following factors:   

  • If you know your estate is large, use as much precision as possible.
  • If you know your estate is too small for estate taxes, but own assets that will earn income after your death, use as much precision as possible. (Refer to the article Tips to Minimize the Estate Income Tax to plan accordingly in this scenario.)
  • If you know your estate is small with few assets that will earn income after death, a ballpark figure will do.

Basically, estimate your net worth as precisely as possible anytime tax planning is a concern in your estate plan. This will allow you to plan for tax avoidance properly and prevent any awkward surprises for your executor.

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