![]() If you title assets jointly with rights of survivorship (JTWROS), these assets will pass outside of probate to the joint owner. It’s important to know that asset titling and beneficiary designations typically override established wills and trusts. By tilting assets properly and naming beneficiaries, heirs get faster access to your assets while minimizing the probate process. These are two of the easiest ways to outline who gets what. Review Asset Titling and Beneficiary Designations Below, we have outlined five items that should be on everyone’s estate planning checklist. If you find yourself without an estate plan, or want to ensure your current plan is sufficient, look no further. ![]() Maybe you’re wondering, “ What if I already have an estate plan? ” Awesome! You are ahead of the pack! Moving forward, review your plan regularly for revisions as your life evolves so it reflects your current wishes. Perhaps you find yourself with substantial wealth trusts may play a critical role in your estate plan to dictate how your assets are ultimately taxed, managed, and distributed. If you have minor children, you’ll need to establish a will in order to name a guardian. If you are young and single, your estate plan may only require a few documents, such as a will, beneficiary designations, and medical and financial powers of attorney. Aid in the planning and management of probate.Īnother question you may ask is, “ Who needs an estate plan? ”.Alleviate estate taxes and other transfer taxes.Specify who will care for your minor children if you are unable to do so.Identify a trusted individual to make decisions should you become incapacitated.These documents make it more manageable for loved ones to navigate your affairs during a time of immense grief. You may ask, “ What exactly is an estate plan? ” For starters, an estate plan is a collection of formal documents that outline how your money and other assets are to be distributed. This is why developing an estate plan is an essential element of your financial portrait that should not wait. Even so, one thing remains true: If we leave unanswered questions about how to settle our affairs, life for our loved ones could get more complicated when we are gone.
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