Estate Planning Basics
Look here for answers to your questions about planning for death, from writing a basic will to organ donation. Among the issues we cover are probate and the many ways to avoid it, methods for eliminating or reducing death taxes, funeral planning and choosing someone to handle your affairs if you can't. But first, information addressing some general concerns about planning your estate.
The Right Estate Plan for You
Is your estate plan in good shape? Here's what to consider.
Get Organized Now
Make your executor's job easier, and help out your family, by getting your paperwork in order.
Married Couples: Who Owns What?
Be sure you know what property is yours to leave or give away.
Is It Time to Change Your Estate Plan?
Make sure that it reflects your current wishes.
Choosing a Guardian for Your Children
If you have young children, you should choose a personal guardian -- someone to raise them in the highly unlikely event you can't.
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Wills
Though most Americans are aware that they need a will, the majority -- about 70% of us -- don't have one. People procrastinate for many reasons, but it's important to know that writing a will doesn't have to be complicated or expensive. And once it's done, you can rest a little easier, knowing that your wishes will be followed after your death.
Wills FAQ
What you need to know about the most basic estate planning document.
Making a No-Frills Will
It may be all you need.
Choosing a Guardian for Your Children
If you have young children, you should choose a personal guardian -- someone to raise them in the highly unlikely event you can't.
Do You Need a Lawyer to Make Your Will?
Most people don't. Here's why.
Choosing an Executor FAQ
Who should you pick--and must that person serve?
Making Your Will Legal
Just follow a few simple rules to make a valid will.
What You Can't Do in Your Will
Wills aren't the place to handle certain kinds of property or issues.
Married Couples: Who Owns What?
Be sure you know what property is yours to leave or give away.
Is It Time to Change Your Estate Plan?
Make sure that it reflects your current wishes.
Disinheriting Family Members
Your closest relatives may have a right to claim part of your estate.
Leaving Property to Young Children
It's easy to arrange for someone to manage any property you leave to young children.
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Estate Taxes
If your assets currently amount to over a million dollars, you may want to make plans to lower your eventual death taxes (also called estate and inheritance taxes) as much as possible.
The Estate Tax Is Dead (Maybe)
After years of debate, Congress passed legislation that will gradually repeal the estate tax by 2010.
Estate and Gift Tax FAQ
Most estates don't owe tax, but it pays to be informed. Here's a palatable introduction to estate and gift tax laws.
Reducing Estate Tax by Making Gifts
Making gifts during your life can provide you with tax savings and more.
Tax-Saving AB Trusts
Couples can save a bundle on estate taxes with this kind of trust.
Charitable Trusts: Tax Breaks for Do-Gooders
If you want to give a big gift to charity, consider a charitable trust.
Pooled Charitable Trusts: Tax Breaks for Small Fry
If you have $5,000 to $10,000 to contribute, you can help your favorite charity and get tax benefits for yourself.
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Living Trusts and Avoiding Probate
Whether or not you should set up a living trust to avoid probate depends on exactly what you want to accomplish and how much paperwork you're willing to put up with. Living trusts work wonderfully for many people, but not everyone needs one.
Living Trust FAQ
An introduction to living trusts -- a popular way to avoid probate.
Probate FAQ
You may have heard that you should avoid probate, but you may not even be sure what probate is. Here are the basics.
Why Avoid Probate?
A handful of reasons to stay out of probate court.
How Living Trusts Avoid Probate
Here's the lowdown on basic probate-avoiding living trusts.
Why You May Not Need a Living Trust
Living trusts are an excellent way to avoid probate. But do you really need one?
Tax-Saving AB Trusts
Couples can save a bundle on estate taxes with this kind of trust.
Ways to Avoid Probate
An introduction to the most popular methods.
Using Roth IRAs to Avoid Probate
Roth IRAs aren't just a great way to save -- they're also a great way to leave money to your heirs without probate.
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Medical Powers of Attorney & Living Wills
Many of us worry that we may someday become ill and unable to handle our own affairs. Preparing a few simple documents -- a living will (health care directive) and a durable power of attorney for healthcare -- can ensure that health care decisions will stay in the hands of trusted people that you choose.
How Healthcare Directives Work
It's smart to make legal documents setting out your wishes for healthcare in case you are ever unable to speak for yourself.
What You Can Cover in Your Healthcare Directives
An overview of some important issues you'll face when preparing documents directing your medical care.
Choosing Your Healthcare Agent
Suggestions for naming the right person to direct your medical care if you are unable to do so yourself.
Duty of Medical Personnel to Honor Your Healthcare Directives
Know when healthcare providers must follow your instructions for medical care -- and when they may not.
Arranging to Donate Your Body
Here are the legal basics of full body donations.
Arranging to Donate Your Organs
What to do if you want to donate your organs after death.
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Life Insurance & Funeral Prepayment Plans
The phrase "estate planning" is sometimes just a cover for hard-sell pitches from life insurance agents. But in the right circumstances, life insurance can be a helpful part of an estate plan. This may be especially true if you have young children, if you support a disabled adult or if you expect your estate to owe a lot of money -- to pay either debts or estate tax -- after you die. Learn whether you need life insurance -- and if you do, find out about your best options for coverage.
Do You Need Life Insurance?
Not everyone needs life insurance. Find out whether or not you do.
Using Life Insurance to Provide for Your Kids
Life insurance may be a good source of income for your children if you die. Here's what you should know.
Life Insurance Options
When it comes to choosing a life insurance policy, you may feel dazed by your options. Here are the basic types and the pros and cons of each.
Buying Life Insurance
Before you buy a life insurance policy, you should compare insurance rates, choose a trustworthy agent, and check the reliability of your insurance company. Here's how.
Reducing Estate Taxes by Transferring Ownership of Your Life Insurance Policy
You can lower your beneficiaries' estate tax burden by making sure you don't own your life insurance policy when you die.
The Perils of Prepayment Plans
Tips on shopping for funeral goods and services.
Final Arrangements FAQ
Planning some of the details of your final ceremonies and the disposition of your body can be a great relief to your survivors. Here are a few things to consider.
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Financial Powers of Attorney and Other Financial Arrangements
Preparing a durable power of attorney for finances allows someone to take over your financial affairs if you become unable to handle them. In addition, for some it's smart to plan ahead by purchasing life insurance, and for others, a funeral prepayment plan makes sense.
Checklist for Getting Your Financial Affairs in Order
Take the following steps to help your family should you die or become incapacitated.
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Powers of Attorney, Conservatorships & Guardianships
Preparing a durable power of attorney for finances allows someone to take over your financial affairs if you become unable to handle them. In addition, for some it's smart to plan ahead by purchasing life insurance, and for others, a funeral prepayment plan makes sense.
How Durable Powers of Attorney for Finances Work
Here's the simple way to arrange for someone to handle your finances if you can't.
Do You Need a Durable Power of Attorney for Finances?
Almost everyone can benefit from a durable power of attorney for finances.
Preventing Challenges to Your Durable Power of Attorney for Finances
Find out how to head off challenges to your durable power of attorney.
Conservatorships
How to get help for an adult who can't manage alone.
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For Executors/Probate Court
If you've been appointed or chosen as executor of someone's estate, here's what you need to know.
How to Obtain a Death Certificate
To do your job as executor or administrator of an estate, you'll need certified copies of the death certificate.
FAQ for Executors
You have been chosen as an executor of someone's will. Here's how to get the answers and the help you need.
The Executor's Job
What's involved in wrapping up an estate.
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