![]() Residuary Estate : After specific gifts and personal property, deciding how the remaining assets will be disbursed is necessary.It can be by a handwritten or typed list and can be updated as often as needed, as long as each update is dated and signed. Personal Property : If there is any personal property (art, jewelry, furniture, collectibles, etc.) that is to be directed to a specific person, this may be done as a supplement to a will, depending on your jurisdiction.Typically, particular gifts are identified as a specific dollar amount or percentage of the overall estate. Specific Gifts : These can be for people or organizations.This can be the same person as the trustee, but it does not have to be. Guardian : The guardian will be responsible for caring for any minor children.Trustee : The fiduciary is responsible for any assets left in a trust.This person may also be called executor (male) or executrix (female). Personal Representative : The person who will wrap up your personal affairs in the event of your death and carry out the provisions of your will. ![]() When drafting a will, you should consider the following: Review your will periodically to ensure it reflects your current wishes-especially after significant life events like marriage, divorce, or the birth of children or grandchildren. If you pass away without a valid will (intestate), state laws will govern the distribution of your assets, which might not align with your wishes. In your will, you can name guardians for minor children, establish trusts for their care and education, and provide for the distribution of specific assets to beneficiaries. Step 2: Draft a WillĪ will is a fundamental component of an estate plan.Ī will is a legally binding document specifying how you want your assets distributed and who will carry out your wishes. List your real estate properties, investments, retirement accounts, bank accounts, life insurance policies, business interests, and valuable personal belongings.ĭetermine their approximate values and identify any outstanding debts, such as mortgages, credit card balances, or loans.Ī clear understanding of your financial standing is essential for making informed decisions about how you want your assets distributed among your heirs. That is – what do you own, what do you owe? Step 1: Take Stock of Your Assets and Liabilitiesīefore making a plan, work out what you have and create an inventory of all your assets and liabilities. Establish powers of attorney and other core documents.Choose your beneficiaries and fiduciaries.Take stock of your assets and liabilities.It gives a medical power of attorney direction in those extremely difficult times. This details an individual’s wishes around life-sustaining measures. Advanced Directive: a document expressing a person’s wishes about critical care when they are unable to decide for him or herself.Power of Attorney: a legal document giving a person legal authority to make decisions about the principal’s property, finances, or medical care while the principal is alive.Differentiating factors can include state of residence, relevant probate rules, costs, and personal preference. This works with a will to streamline asset ownership and titling to avoid probate at death. ![]()
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