Even after you’re gone, estate planning can come with many benefits for your family. Also, good planning for the future will always be a positive step for you and everyone close to you. So here, in this blog, we aren’t just going to talk about estate planning, but we will guide you with the estate planning checklist.

Estate Planning Checklist

Will

A will is quite helpful if you want to express your final wishes to settle your estate, savings, and everything which belongs to you. You can appoint a legal guardian or a person responsible for taking care of your minor children if you are no longer around. You must sign your will before two witnesses, which should be 100% your conscious decision.

Revocable Trust

You can hold all your assets for the benefit of whoever you wish. Unlike a will, you will be transferring or retitling your assets into the name of the trust during your lifetime. This document will allow your loved ones to avoid probate and provides asset protection for you and your beneficiaries.

Advance Care Directive

This is just another name for the “Living Will.” It can be used to specify the medical treatment course when you aren’t able to articulate choices for yourself. You must know that state laws vary on the facility of advance care directives.

Health Care Proxy

It is another health-related facility where you designate someone else to make choices about your medical care in case of an emergency or when you cannot decide. You must know that state laws vary on the facility of Health Care Proxy too.

Statements of Intent

It allows you to express your wishes, philosophies, preferences, expectations, desires, and essential advice to your trustees or dependents. This will help you and your family members in crafting a vision for your estate according to you.

Important Estate Roles

Before or during estate planning, you must make some practical decisions, and they aren’t easy. You must pick an executor, a trustee, and a guardian if you have minor children.

An Executor

They are responsible for carrying out all the provisions of your will accordingly as you granted. The executor should be someone you trust, like a child, close relative, friend, or professional, like a lawyer or accountant.

A Trustee

Someone who manages the trust you created and strictly enforced your trust’s rules without breaking anything. It is your choice, and you should consider carefully who you will make your trustee. You can pick a known person who knows your circumstances well or choose a professional institution to handle all that.

A Guardian

You must know that a guardian is a significant person who assumes legal responsibilities for your minor or disabled children.

You must know that you’ve spent a lifetime building your estate, so you should be careful with it. Every single step which you are going to take should be taken under the consultation of an experienced lawyer. We highly recommend estate planning for all, regardless of wealth or age. It is never too early to start planning, as a good estate plan created by a reasonable attorney will provide flexibility and grow alongside you. So please don’t wait to call us today to schedule your free consultation.

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What Is Estate Planning?

Estate planning is a legal procedure through which you can distribute all your belongings and assets among family members and friends who you intend to. Since it has to be done legally, care must be taken while distributing the assets to avoid a mess later.

Why Is Estate Planning Necessary?

Here are some common and important reasons why any married couple should opt for estate planning.

• It helps you give control of all of your assets after your death.
• It ensures your family’s financial stability even when you are not around.
• You can have your medical guardian if you cannot make fair decisions.
• It makes the transition of property and assets to the beneficiaries and spouses pretty easy.
• Through estate planning, you can choose the person to administer your assets. This might not happen if the decision lies in the hands of the court.
• The burden of funeral planning can also be reduced through estate planning.

Estate Planning for Married Couples

There are so many reasons why married couples must consider estate planning. These are some significant reasons and tips for married couples regarding estate planning.

Tax Deduction

It is one of the most popular reasons married couples opt for estate planning. If you give all of your estates to your spouse, you can lessen the tax burden. This is called the marital deduction. The estate would naturally take a marital deduction for the amount of property your spouse inherits. But the thing is, there is no limit to marital deduction. So if you want your spouse to take care of all your assets after you are no more, this is one of the best ways to do it.

Child Guardianship

If you and your spouse have minor children, then it is necessary to mention the guardian of your children in the will. This is necessary as it will ensure the custody of the child after your death. In the case of both parent’s death, the child is given to a third guardian. Mostly the guardianship is given to the better half or a very close family member.

Remember, legal guardianship is not required in estate planning if you have no children or children who are not minors.

This same rule applies in the case of pets as well. You can appoint any guardian to your pet in case something happens to you. You can legally give the authority to the appointed guardian through estate planning.

This shows that the field of estate planning is very dynamic, and you can use it to legally distribute all your belongings to the specific people of your choosing.

Marital Property Distribution

Marital property pertains to the property you acquired together as a married couple. It can be a joint account or a property, or a car. Usually, if one of the partners dies, the property goes to the other. But it would be best if you discussed with your spouse who to give it to, in case you both meet with an accidental death. You can provide the authority of your marital property to your children or a close relative you trust the most. It is necessary to always pass on your assets to people who would take good care of them.

Health Care Planning

This is a must for people who are thinking of estate planning. Through health care planning, you can give authority to your spouse to make medical decisions for yourself just in case you can’t do it yourself.

Conclusion!

All married couples need to have proper estate planning, and we hope this article will help you in this respect. Call us and speak with an experienced estate planning lawyer to discuss your situation and see what type of estate plan can best help you!

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