― Alan Lakein
Taking time to create estate strategies not only helps you put your financial house in order, but may also save you money. By documenting your wishes and goals, you create a legal framework that the courts, your executor, and your loved ones can follow when settling your estate. Without these strategies in place, your family risks going through a lengthy and expensive process — which could alter any wishes you had for your legacy. You can help make sure that your executor respects and upholds your values, goals, and desires for your estate by taking some time to thoughtfully prepare today. Here, we outline some of the critical details that can play a role in creating your own estate strategies
Names Guardian for Minor Children
Directs how to distribute property
Goes through Probate
Complete list of all assets, including artwork and Investments
Estimates of your assets current market values
Wishes for passing down
Location of titles/deeds for
any real estate
Charities you wish to support
Authorizes a trusted individual or individuals to handle financial and legal decisions.
Goes into effect upon your incapacity or other triggering event.
Living Will – provides specific instructions about your medical care if you become incapacitated.
Durable Medical Power of Attorney - authorizes a trusted individual to make medical decisions on your behalf
HIPAA Release Clause – permits hospitals and medical facilities to release your details to your health care proxy
Should you and your spouse not be able to raise your children, naming a guardian establishes who will raise them.Name a back up guardian as well.
Are not public record
Support effective management and distribution of assets
Provide some control of
Difficult to contest
Leave a roadmap to your:
on line accounts
Pre-Nuptial Agreement – proves who owns certain assets within a marriage. May put financial protection in place for your children from previous marriage.
Update your legal documents – update your estate documents to align with your new situation.
Update your Beneficiaries
In this ebook, you'll learn the critical elements of an estate strategy. Considering these crucial details may help an executor uphold your values, goals, and desires for your estate.