![]() ![]() Many people also make arrangements for pets. Your will and life insurance policies are the primary ways to plan for the needs of your surviving spouse and make guardianship designations for children and other dependents. The purpose of listing your family members is to account for the needs of immediate family and dependents. In that case, it will come out of your estate. That’s because certain debts must be paid-even after death. Listing liabilities, like mortgages, lines of credit, and other debt is a good idea as well. Financial elements, like bonds or annuities.Retirement accounts, like 401(k)s or IRAs.Make sure to consider both tangible and intangible assets. This may seem overwhelming, but keeping a running list of assets is worth the time to make sure nothing important is left out. Write down everything you own of value that you can think of. Before making the choice whether to hire an attorney or do it yourself, these are general steps you can take to get started. Everyone has unique needs, and if your needs are complex, an estate planning attorney may be helpful. All parties should sign in the presence of a notary public and two (2) witnesses.The best way to approach estate planning for the first time is to make a checklist for yourself. Signing Requirements – No statutory signing requirement.The living trust will avoid the probate court resulting in the possible immediate distribution of the estate following the principal’s death. A trustee will be selected to manage the trust and ensure that the assets are properly maintained during the principal’s lifetime (the principal often acts as trustee). Living Trust (Revocable) – Allows the principal to create an entity which can hold their assets until they die. Signing Requirements – Must be signed by the testator and two (2) competent witnesses.Note that the probate process can greatly lengthen the time required to settle the estate and can result in costly fees. ![]() The document will be subject to the probate process, meaning that the court will examine the principal’s estate before distribution can occur. Last Will and Testament (‘Will’) – This form is a legal instrument used to communicate an individual’s wishes concerning the distribution of their estate. Both documents will serve as a guide for estate distribution, though the process of administration following the principal’s death will vary significantly depending on which forms are used. When establishing such information, the principal will consider the execution of a living trust, a last will and testament, or a combination of the two. ![]() ![]() The main purpose of the document will be to define the beneficiaries and to describe the assets each is entitled to receive.
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